The asset manager is generally NOT responsible for: Finding properties for the investor/principal Arranging financing for properties Overseeing the due-diligence of the purchase for the investor/principal Making maintenance decisions

1. What are the two main characteristics of intangible assets? 2. Why does the accounting profession make a distinction between internally created intangibles and purchased intangibles? 3. What are the factors to be considered in estimating the useful life of an intangible asset? 4. What is the nature of research and development cost? 5. Indicate the proper accounting form the following items. Organization Cost Advertising Cost Operating Losses

Auditors should obtain evidence that there are no significant amounts of unrecorded retirements of property, plant and equipment. a. Describe two ways that the auditors obtain evidence that there are no significant amounts of unrecorded retirements of property (land).

Which of the following best describes why auditors audit leased assets in conjunction with the audit of property, plant & equipment? Multiple Choice (B & D are incorrect)   A. Most leased assets should be capitalized.   B. Repairs and maintenance expense is affected by leased assets. C. Management may choose to lease assets rather than buy them. D. Leased assets have a higher risk of misstatement.

In performing substantive procedures for a review of Rental Revenue from Land, Buildings, and Equipment Owned by the Client but Leased to Others, what procedures should the Auditor consider.

Which of the following services is not considered to be a hosting service and, as such, will not impair independence if performed for an attest client? Acting as the sole host of a financial or non-financial information system of an attest client Having possession of a depreciation schedule prepared by the member, provided the deprecation schedule and calcu- lation are given to the attest client so that attest client's books and records are complete. Providing electronic security or back-up services for an attest client's data or records! All of the above are not considered to be a hosting service.

Argue that donated assets should not be reported in company’s balance sheet. Base your arguments on the conceptual framework.

Which of the following decision-making process does not require management discretion? a.Determining the level of provision for warranty b.making decisions about whether or not to adopt AASB in preparing financial statement in Australia c.Determining a useful life of property, plant and equipment d.Whether to use fair value or historical cost method to value buildings e.None of the above

A statement of affairs measures a deficiency – traceable to unsecured creditors without priority – as the difference between the estimated net realizable value of the assets and the amount due those creditors True or False

Which of the following is NOT a required disclosure (if applicable), either by the seller or by the agent? Confirmation of property measurement Confirmation of agency Lead-based paint Property condition