What conditions should exist at a client that conducts cycle counts and uses the perpetual inventory to value inventory at quarter-end? Explain the relationship between the repairs and maintenance expense account and the PPE asset account

Accounting Sep 18, 2020

What conditions should exist at a client that conducts cycle counts and uses the perpetual inventory to value inventory at quarter-end? Explain the relationship between the repairs and maintenance expense account and the PPE asset account. Why is the auditor interested in examining debits to both accounts when auditing PPE? Explain your answer with reference to the assertions at risk.