You just opened a business and decided to go out and buy a building, a corvette, and an iPad for your business. Which of these three are considered acquisitions for PP&E?
What is all three?
100
Name three financial objectives related to PP&E
What is accuracy, completeness, cut-off, and existence/occurrence?
100
Define fraud
What is wrongful deception intended to result in personal or financial gain?
100
Depreciation expense and Accumulated depreciation. Which one would you debit and which one would you credit
What is Debit Dep. Exp. and Credit Accumulated Dep.
100
Name of Risk Assurance US Leader
What is Dean Simone?
200
Physical resources used for production of a company's goods and services, in order to generate future revenue.
What is Property, Plant & Equipment?
200
Crazy Eddy recorded his additions and capital expenditures in the wrong period. Name the financial objective this relates to.
What is Cut-off
200
Crazy Eddy is a cleaning worker and takes a vacuum home with him every week for 10 years. Name the audit consideration related to this missing property
What is theft of property plant and equipment
200
Record that keeps accounting transactions in chronological order
What is JE?
200
What was the story of how we came up with our team name
What is team 2 and true card on the desk?
300
1) Item is identified to be __ or __
2) __ and __ is submitted for approval
3) __ and __ are approved
4) The asset is __ or __ of
5) __ / __ and associated gain/loss are recorded
Name this process
What is Disposals & Retirements?
300
Name three ways one could depreciate an asset
What is straight-line, double declining, units-of-production?
300
Name one thing an auditor should NOT do when encountering fraud.
What is SCREAAAAMMMM!!!
300
Crazy Eddy bought a truck, used it, depreciated it for two years and sold it at the beginning of the third year. Name a debit account and a credit account he would use.
What is debit cash and credit PP&E?
300
Name all five sub-processes related to PP&E
What is 1) Acquisitions and capital projects, 2) Depreciation, 3) Disposals and Retirements, 4) Impairments/Valuation, 5) Adjustments and ledger maintenance
400
What is the sub-process that involves reconciliations of the sub ledger and general ledger
What is Adjustments & Period End Close
400
What asset does not need to be depreciated? Say it backwards
What is dnal?
400
Daily Double!
What makes using an incorrect depreciation rate fraud?
What is intent?
400
Name the debit account and the credit account for Adjustments and Ledger Maintenance
What is DR PP&E and CR Operating Exp.
400
What is the zip code of the Atlanta office?
What is 30309?
500
Where are non-repairable assets written off to
What is sub ledger?
500
Crazy Eddy bought a truck, used it, depreciated it for two years and sold it at the beginning of the third year. Name three things you would consider as the auditor on the third year.
What is right answer!
500
In the early 2000s WorldCom committed fraud related to PP&E using this method
What is inappropriate capitalization of expenses
500
What is the DR and CR for the impairment of an asset
What is DR Impairment Exp and CR PP&E
500
DANCE as a team for 10 seconds in front of the class