Accounting Multiple Choice Question – 26 October 2026

Which ONE of the following describes how an assurance provider would check the existence assertion for a non-current asset?

Select ONE answer:

1. Trace the physical item to the non-current asset register
2. Trace the physical item to the financial statements
3. Trace an entry in the non-current asset register to the physical item
4. Trace an entry in the non-current asset register to the financial statements

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 3

1. Not correct
2. Not correct
3. Correct – ICAEW qualified auditors acting in the UK are subject to the ICAEW Code and the FRC Ethical Standard.
4. Not correct

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