1. Modified True/False There are 30 statements below. If they are "true", then write the word "true" in the space provided. If the statement is false, you must change the statement, so that it is becomes "true". Only half- credit will be given, if you do not correct the false statement. (30 questions, 2 points each, 60 points total). 11.A new auditor may never accept beginning inventory balances. 12. In contrast to the audit of plant assets, current assets have a greater significance to net income and the year-end cut-off. 13. A subsidiary ledger consisting of a separate record for each unit of property held by a company is not required since the chance of pilferage is very low. 14. Independent estimates of depreciation should be considered despite a well calculated amount proposed by management. 15. A sinking fund is an asset that no longer has any value (ie., obsolete software)