Ordinarily, it is unnecessary to test the accuracy objective or the classification objective for fixed assets acquired in prior years.

Question

Quizplus · Accepted Answer

The accuracy objective and classification objective for fixed assets primarily concern the initial recognition and subsequent measurement of these assets. Once fixed assets are acquired and initially recorded, the focus shifts to depreciation, impairment, and disposal rather than continually testing their initial accuracy and classification in subsequent years.

Ordinarily, It Is Unnecessary to Test the Accuracy Objective or the Classification