An executive of a manufacturing company informs you that no formal procedures have been followed to.

An executive of a manufacturing company informs you that no formal procedures have been followed to control the retirement of machinery and equipment. A physical inventory of plant assets has just been completed. It revealed that 25 percent of the assets carried in the ledger were not on hand and had presumably been scrapped. The accounting records have been adjusted to agree with the physical inventory. Outline internal control practices to govern future retirements.

 

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