What financial report that presents a detailed picture of the financial condition of a business on a specific date is called a?

What financial report that presents a detailed picture of the financial condition of a business on a specific date is called a?
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___________ is a statement that shows the financial position of a business on a specific date.

Description : ___________ is a statement that shows the financial position of a business on a specific date.

Last Answer : ___________ is a statement that shows the financial position of a business on a specific date. (a) Trading ... Profit & Loss A/c (d) Balance Sheet

The best statement of the responsibility of the auditor with respect to audited financial statement is: a. The auditor's responsibility on fair presentation of financial statements is limited only up to the date of the audit report. b. The auditor's responsibility is confined to the expression of opinion on the financial statements audited. c. The responsibility over the financial statements rests with the management and the auditor assumes responsibility with respect to the notes of financial statements. d. The auditor is responsible only to his qualified opinion but not for any other type of opinion.

Description : The best statement of the responsibility of the auditor with respect to audited financial statement is: a. The auditor's responsibility on fair presentation of financial statements is limited only up to ... auditor is responsible only to his qualified opinion but not for any other type of opinion.

Last Answer : The auditor's responsibility is confined to the expression of opinion on the financial statements audited

A 75 year old man presents with a long history of shortness of breath and ankle oedema. His serum biochemistry shows sodium 122 mmols/l and potassium of 2.9 mmols/l. He now complains of weakness.Which of the following is likely to explain the above biochemical picture? 1) Addison's Disease 2) Nephrotic syndrome 3) Primary hyperaldosteronism 4) SIADH 5) Diuretic therapy

Description : A 75 year old man presents with a long history of shortness of breath and ankle oedema. His serum biochemistry shows sodium 122 mmols/l and potassium of 2.9 mmols/l. He now complains of ... ? 1) Addison's Disease 2) Nephrotic syndrome 3) Primary hyperaldosteronism 4) SIADH 5) Diuretic therapy

Last Answer : Answers-5 The long history of his symptoms and serum biochemistry suggests that his condition is due to treatment with frusemide for CCF.

Which of the following best describes the purpose of the engagement letter? a. The engagement letter conveys to management the detailed steps to be applied in the audit process. b. The engagement letter relieves the auditor of some responsibility for the exercise of due care. c. By clearly defining the nature of the engagement, the engagement letter helps avoid and resolve misunderstandings between CPA andclient regarding the precise nature of the work to be performed and the type of report to be issued. d. The engagement letter should be signed by both the client and the CPA and should be used only for independent audits

Description : Which of the following best describes the purpose of the engagement letter? a. The engagement letter conveys to management the detailed steps to be applied in the audit process. b. The engagement letter ... be signed by both the client and the CPA and should be used only for independent audits

Last Answer : By clearly defining the nature of the engagement, the engagement letter helps avoid and resolve misunderstandings between CPA and client regarding the precise nature of the work to be performed and the type of report to be issued

Preliminary project report for a road project must contain (A) The detailed estimated cost based on detailed design (B) The several alternatives of the project that have been considered (C) The soil survey, traffic survey, concept design and approximate cost (D) The contract documents for inviting tenders

Description : Preliminary project report for a road project must contain (A) The detailed estimated cost based on detailed design (B) The several alternatives of the project that have been considered (C ... , traffic survey, concept design and approximate cost (D) The contract documents for inviting tenders

Last Answer : (C) The soil survey, traffic survey, concept design and approximate cost

During the testing of a module tester ‘X’ finds a bug and assigned it to developer. But developer rejects the same, saying that it’s not a bug. What ‘X’ should do? A. Report the issue to the test manager and try to settle with the developer. B. Retest the module and confirm the bug C. Assign the same bug to another developer D. Send to the detailed information of the bug encountered and check the reproducibility

Description : During the testing of a module tester X' finds a bug and assigned it to developer. But developer rejects the same, saying that it's not a bug. What X' should do? A. Report ... same bug to another developer D. Send to the detailed information of the bug encountered and check the reproducibility

Last Answer : D. Send to the detailed information of the bug encountered and check the reproducibility

During the testing of a module tester ‘X’ finds a bug and assigned it to developer. But developer rejects the same, saying that it’s not a bug. What ‘X’ should do? A. Report the issue to the test manager and try to settle with the developer. B. Retest the module and confirm the bug C. Assign the same bug to another developer D. Send to the detailed information of the bug encountered and check the reproducibility

Description : During the testing of a module tester X' finds a bug and assigned it to developer. But developer rejects the same, saying that it's not a bug. What X' should do? A. Report ... same bug to another developer D. Send to the detailed information of the bug encountered and check the reproducibility

Last Answer : D. Send to the detailed information of the bug encountered and check the reproducibility

A detailed project report of the proposed railway line is made after (a) Preliminary survey (b) Reconnaissance survey (c) Final location survey* (d) Traffic survey

Description : A detailed project report of the proposed railway line is made after (a) Preliminary survey (b) Reconnaissance survey (c) Final location survey* (d) Traffic survey

Last Answer : (c) Final location survey*

Investigation for important bridges may be carried out in which stage a) Technical feasibility study (reconnaissance survey) b) Techno-economic feasibility study (preliminary engineering survey) c) Detailed survey and project report stage (final location survey) d) All the above *

Description : Investigation for important bridges may be carried out in which stage a) Technical feasibility study (reconnaissance survey) b) Techno-economic feasibility study (preliminary engineering survey) c) Detailed survey and project report stage (final location survey) d) All the above *

Last Answer : d) All the above

An auditor may accept an engagement to perform specified procedures on the specific subject matter of specified elements, accounts, or items of a financial statement if a. The report does not list the procedures performed. b. The auditor is also the entity's continuing auditor. c. The financial statements are prepared in accordance with a special purpose framework. d. Use of the report is restricted

Description : An auditor may accept an engagement to perform specified procedures on the specific subject matter of specified elements, accounts, or items of a financial statement if a. The report does not list ... are prepared in accordance with a special purpose framework. d. Use of the report is restricted

Last Answer : Use of the report is restricted

A balance sheet for a chemical plant shows its financial condition at any given date. It does not contain the __________ of the plant. (A) Current asset (B) Current liability (C) Long term debt (D) Profit

Description : A balance sheet for a chemical plant shows its financial condition at any given date. It does not contain the __________ of the plant. (A) Current asset (B) Current liability (C) Long term debt (D) Profit

Last Answer : D) Profit

To whom, the Union Public Service Commission presents its report

Description : To whom, the Union Public Service Commission presents its report

Last Answer : President

Antithrombin III deficiency is a commonly observed hypercoaguable state. Which of the following statement(s) is/are true concerning this condition? a. A patient with this deficiency usually presents with thrombosis while on heparin or exhibits an inability to become adequately anticoagulated with heparin b. This deficiency may be either congenital or acquired c. Thrombotic episodes are related to predisposing events such as operations, childbirth, and infections d. Treatment involves acutely the administration of fresh frozen plasma followed by long-term treatment with Coumadin

Description : Antithrombin III deficiency is a commonly observed hypercoaguable state. Which of the following statement(s) is/are true concerning this condition? a. A patient with this deficiency usually ... involves acutely the administration of fresh frozen plasma followed by long-term treatment with Coumadin

Last Answer : Answer: a, b, c, d Antithrombin III deficiency accounts for about 2% of venous thrombotic event. This deficiency has been described in patients with pulmonary embolism, mesenteric venous ... is established, fresh frozen plasma should be administered followed by long-term treatment with Coumadin

An Afro-Carribean male aged 48 years presents with gradual onset of exertional dyspnoea, non productive cough, malaise, weight loss and polyarthralgia. Schirmers test indicates a dry eye. X-ray of the hand shows punched out osteopenic lesions. Which of the following investigation is unlikely to be helpful in establishing the diagnosis of this condition: 1) Serum calcium 2) Serum phosphorus 3) Urea and electrolytes 4) Thallium Scan 5) Quantitative Immunoglobulins.

Description : An Afro-Carribean male aged 48 years presents with gradual onset of exertional dyspnoea, non productive cough, malaise, weight loss and polyarthralgia. Schirmers test indicates a dry eye. X-ray ... 2) Serum phosphorus 3) Urea and electrolytes 4) Thallium Scan 5) Quantitative Immunoglobulins.

Last Answer : Answers-4 This condition is sarcoidosis. Serum calcium, Serum phosphorus, Chem7 and Chem 20 and Quantitative Immunoglobulins are all used in establishing the diagnosis. Gallium scan is helpful in ... areas of poor perfusion. It is particularly used in cardiology to detect areas of ischaemia.

What A financial statement that lists a company's assets liabilities and owner's equity as of a specific date is called?

Description : What A financial statement that lists a company's assets liabilities and owner's equity as of a specific date is called?

Last Answer : A Balance Sheet, also sometimes referred to as a Statement of Financial Position.

Which of the following is incorrect regarding a compilation engagement? a. The CPA uses his auditing expertise to collect, classify and summarize financial information. b. The CPA should exercise due care. c. The engagement ordinarily entails reducing detailed data to a manageable and understandable form. d. The procedures performed do not enable the accountant to express any form of assurance.

Description : Which of the following is incorrect regarding a compilation engagement? a. The CPA uses his auditing expertise to collect, classify and summarize financial information. b. The CPA should exercise due ... . d. The procedures performed do not enable the accountant to express any form of assurance.

Last Answer : The CPA uses his auditing expertise to collect, classify and summarize financial information

Which of the following is incorrect regarding a compilation engagement? a. The CPA uses his auditing expertise to collect, classify and summarize financial information. b. The CPA should exercise due care. c. The engagement ordinarily entails reducing detailed data to a manageable and understandable form. d. The procedures performed do not enable the accountant to express any form of assurance

Description : Which of the following is incorrect regarding a compilation engagement? a. The CPA uses his auditing expertise to collect, classify and summarize financial information. b. The CPA should exercise due ... form. d. The procedures performed do not enable the accountant to express any form of assurance

Last Answer : The CPA uses his auditing expertise to collect, classify and summarize financial information.

Internal auditing can affect the scope of the external auditor's audit of financial statements by a. Decreasing the external auditor's need to perform detailed testsb. Eliminating the need to observe thephysical inventory taking.c. Allowing the external auditor to limithis/her audit to the performance ofsubstantive test procedures.d. Limiting direct testing by the externalauditor to management assertions notdirectly tested by internal auditing.

Description : Internal auditing can affect the scope of the external auditor's audit of financial statements by a. Decreasing the external auditor's need to perform detailed tests b. Eliminating the need ... direct testing by the external auditor to management assertions not directly tested by internal auditing.

Last Answer : Decreasing the external auditor's need to perform detailed tests

Which of the following statem Which of the following statements does NOT apply to ents does NOT apply to a production plan? a production plan? a)Plans are consistent with company's strategic goals and objectives b)Enables the assessment of financial and physical resource needs without excessive detail c)Serves as a bridge between the strategic and operational plans d)Provides a view of detailed work-force schedules

Description : Which of the following statem Which of the following statements does NOT apply to ents does NOT apply to a production plan? a production plan? a)Plans are consistent with company's strategic ... a bridge between the strategic and operational plans d)Provides a view of detailed work-force schedules

Last Answer : c)Serves as a bridge between the strategic and operational plans

The type of planning that is equated with more specific data or detailed in nature is called:1. Strategic 2. Operational 3. Short term 4. Tactical

Description : The type of planning that is equated with more specific data or detailed in nature is called: 1. Strategic  2. Operational  3. Short term  4. Tactical

Last Answer : 4. Tactical

Why isn't metal and heavy metal more popular? If you don't like it, can you give specific and detailed reasons why?

Description : Why isn't metal and heavy metal more popular? If you don't like it, can you give specific and detailed reasons why?

Last Answer : To my ear, heavy metal has no melody or tune. It just sounds loud and clashing.

Which statement best describes the emphasis of the systems and substantive approaches in the audit plan? a. A thoroughly designed systems approach to auditing can eliminate the need for any substantive procedures. b. The systems approach focuses on detailed testing of specific accounts for accuracy, while the substantive approach is the testing controls to make sure they are effective. c. The systems approach focuses on testing controls to make sure they are effective, while the substantive approach is the detailed testing of specific accounts for accuracy. d. The systems approach focuses on the use of computer systems to aid in the audit while the substantive approach focuses on more manual tests

Description : Which statement best describes the emphasis of the systems and substantive approaches in the audit plan? a. A thoroughly designed systems approach to auditing can eliminate the need for any ... computer systems to aid in the audit while the substantive approach focuses on more manual tests

Last Answer : The systems approach focuses on testing controls to make sure they are effective, while the substantive approach is the detailed testing of specific accounts for accuracy

Who is a columnist? a) One who writes detailed stories on news b) One who writes daily reports on current happenings? c) One who writes for a particular section pertaining to a specific theme or topic d) None of above

Description : Who is a columnist? a) One who writes detailed stories on news b) One who writes daily reports on current happenings? c) One who writes for a particular section pertaining to a specific theme or topic d) None of above

Last Answer : c) One who writes for a particular section pertaining to a specific theme or topic

A mission statement can benefit a company in all of the following ways EXCEPT A)giving it clear purpose and direction. B)describing its unique focus. C)keeping it focused on customer needs rather than its own abilities. D)providing specific direction and guidelines to top managers. E)providing a detailed plan for implementation.

Description : A mission statement can benefit a company in all of the following ways EXCEPT A)giving it clear purpose and direction. B)describing its unique focus. C)keeping it focused on customer ... D)providing specific direction and guidelines to top managers. E)providing a detailed plan for implementation.

Last Answer : E)providing a detailed plan for implementation.

Which of the following is not a characteristic of a marketing objective? A)Consistent with both business -unit and corporate strategy B)Expressed in clear, simple terms C)Written so that it can be measured accurately D)Specifies a time frame for its accomplishment E)Detailed enough for marketing strategy implementation

Description : Which of the following is not a characteristic of a marketing objective? A)Consistent with both business -unit and corporate strategy B)Expressed in clear, simple terms C)Written ... accurately D)Specifies a time frame for its accomplishment E)Detailed enough for marketing strategy implementation

Last Answer : E)Detailed enough for marketing strategy implementation

Which analysis provides a simplified picture of price behaviour of a shares A. Fundamental B. Technical C. Financial D. Any

Description : Which analysis provides a simplified picture of price behaviour of a shares A. Fundamental B. Technical C. Financial D. Any 

Last Answer : Answer:B

Suppose you are hurriedly rushing to your school in the morning. Meanwhile your eyes go across the road, where your student met an accident. What decision will you take under this critical condition of the student> Options: A) You will go away from the accident's site in anonymity B) You reach the site, look after the student, after giving him first-aid, report to the police station and rush towards hospital C) You are escaping because you do not want to take risk unnecessarily D) You are expressing the accident as an adventurous game

Description : Suppose you are hurriedly rushing to your school in the morning. Meanwhile your eyes go across the road, where your student met an accident. What decision will you take under this critical condition ... want to take risk unnecessarily D) You are expressing the accident as an adventurous game

Last Answer : B) You reach the site, look after the student, after giving him first-aid, report to the police station and rush towards hospital

Is there a site to find a picture of, and issue date of US postage stamps?

Description : Is there a site to find a picture of, and issue date of US postage stamps?

Last Answer : A few blocks from where I live there's a stamp/coin dealer, and I've gone there a few times to buy old uncanceled stamps for mailing. (As long as a stamp has never been used, it' ... resource is probably the Scott catalogue. There's probably a copy in the reference department of your local library.

Which of the following is not a data type? (a) Picture/Graphic (b) Date/Time -Technology

Description : Which of the following is not a data type? (a) Picture/Graphic (b) Date/Time -Technology

Last Answer : (a) From the given options Date/Time, Text and Number are the data types.

Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of the auditor's report. b. Study and evaluate the system of internal administrative control. c. Tour the client's facilities and review the general records. d. Consult with and review the work of the predecessor auditor prior to discussing the engagement with the client management

Description : Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of ... and review the work of the predecessor auditor prior to discussing the engagement with the client management

Last Answer : Tour the client's facilities and review the general records

Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of the auditor's report. b. Study and evaluate the system of internal administrative control. c. Tour the client's facilities and review the general records. d. Consult with and review the work of the predecessor auditor prior to discussing the engagement with the client management

Description : Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of ... and review the work of the predecessor auditor prior to discussing the engagement with the client management

Last Answer : Tour the client's facilities and review the general records

Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of the auditor's report. b. Study and evaluate the system of internal administrative control. c. Tour the client's facilities and review the general records. d. Consult with and review the work of the predecessor auditor prior to discussing the engagement with the client management

Description : Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of ... and review the work of the predecessor auditor prior to discussing the engagement with the client management

Last Answer : Tour the client's facilities and review the general records

Financial statements audits: a. Reduce the cost of capital b. Report on compliance with laws and regulations c. Assess management's efficiency d. Overlook information risk

Description : Financial statements audits: a. Reduce the cost of capital b. Report on compliance with laws and regulations c. Assess management's efficiency d. Overlook information risk

Last Answer : Reduce the cost of capital

Why does a company choose to have an independent auditor report on its financial statements? a. Independent auditors will always detect management fraud. b. Independent auditors guarantee the accuracy of the financial statements. c. The company preparing the statements may have a vested interest in reporting certain results. d. An independent audit is designed to search for deficiencies in the company's internal control

Description : Why does a company choose to have an independent auditor report on its financial statements? a. Independent auditors will always detect management fraud. b. Independent auditors guarantee the accuracy ... . An independent audit is designed to search for deficiencies in the company's internal control

Last Answer : The company preparing the statements may have a vested interest in reporting certain results.

Which of the following statements is correct concerning an auditor's responsibilities regarding financial statements? a. The auditor's report should provide an assurance as to the future viability of the entity. b. Making suggestions that are adopted about the form and content of an entity's financial statements impairs an auditor's independence. c. An auditor's responsibilities for audited financial statements are confined to the expression of the auditor's opinion. d. The fair presentation of audited financial statements in accordance with an applicable financial reporting framework is an implicit part of the auditor's responsibilities

Description : Which of the following statements is correct concerning an auditor's responsibilities regarding financial statements? a. The auditor's report should provide an assurance as to the future ... with an applicable financial reporting framework is an implicit part of the auditor's responsibilities

Last Answer : An auditor's responsibilities for audited financial statements are confined to the expression of the auditor's opinion

A practitioner should accept an assurance engagement only if a. The practitioner's conclusion is to be contained in a written report. b. The subject matter is the responsibility of either the intended users or the practitioner. c. The subject matter is in the form of financial information. d. The criteria to be used are not available to the intended users

Description : A practitioner should accept an assurance engagement only if a. The practitioner's conclusion is to be contained in a written report. b. The subject matter is the responsibility of either the intended ... of financial information. d. The criteria to be used are not available to the intended users

Last Answer : The practitioner's conclusion is to be contained in a written report.

When the auditor knows that an illegal act has occurred, the auditor must a. Issue an adverse opinion. b. Withdraw from the engagement. c. Report it to the proper government authorities. d. Consider the effects on the financial statements, including the adequacy of disclosure.

Description : When the auditor knows that an illegal act has occurred, the auditor must a. Issue an adverse opinion. b. Withdraw from the engagement. c. Report it to the proper government authorities. d. Consider the effects on the financial statements, including the adequacy of disclosure.

Last Answer : Consider the effects on the financial statements, including the adequacy of disclosure.

The primary deliverable of an engagement to perform based on procedures prescribed by the intended user of the report is/are: a. The Review Report b. Report of Factual Findings c. Management Letter d. The financial statements

Description : The primary deliverable of an engagement to perform based on procedures prescribed by the intended user of the report is/are: a. The Review Report b. Report of Factual Findings c. Management Letter d. The financial statements

Last Answer : Report of Factual Findings

Which of the following is correct concerning requirements about auditor's communications about fraud? a. Fraud that involves senior management should be reported directly to the audit committee regardless of the amounts involved. b. All fraud with a material effect on the financial statements should be reported directly by the auditor to the SEC c. Fraud with a material effect on the financial statements should ordinarily be disclosed by the auditor through the use of an emphasis of a matter paragraph added to the audit report. d. The auditor has no responsibility to disclose fraud outside the entity under any circumstances

Description : Which of the following is correct concerning requirements about auditor's communications about fraud? a. Fraud that involves senior management should be reported directly to the audit committee ... . The auditor has no responsibility to disclose fraud outside the entity under any circumstances

Last Answer : Fraud that involves senior management should be reported directly to the audit committee regardless of the amounts involved

The reason why an auditor accumulates evidence is to a. Defend himself in the event of a lawsuit. b. Justify the conclusions he has otherwise reached. c. Satisfy the requirements of the bureau of internal revenue. d. Enable him to reach conclusions about the fairness of the financial statements and issue an appropriate audit report

Description : The reason why an auditor accumulates evidence is to a. Defend himself in the event of a lawsuit. b. Justify the conclusions he has otherwise reached. c. Satisfy the requirements of the ... him to reach conclusions about the fairness of the financial statements and issue an appropriate audit report

Last Answer : Enable him to reach conclusions about the fairness of the financial statements and issue an appropriate audit report

An operational audit differs in many ways from an audit of financial statements. Which of the following is the best example of these differences? a. Operation audits do not ordinarily result in the preparation of a report. b. The usual audit of financial statement covers the four basic financial statements whereas the operational audit is usually limited either the balance sheet or the income statement. c. The boundaries of an operation audit are often drawn from anorganization chart and are notlimited to a single accountingperiod.d. The operational audit deals withoperating profit while financial auditconsiders both the operating and netprofits.

Description : An operational audit differs in many ways from an audit of financial statements. Which of the following is the best example of these differences? a. Operation audits do not ordinarily ... audit deals with operating profit while financial audit considers both the operating and net profits.

Last Answer : The boundaries of an operation audit are often drawn from anorganization chart and are not limited to a single accounting period

Which of the following is true of the report based on agreed-upon-procedures? a. The report is restricted to those parties who have agreed to the procedures to be performed. b. The CPA provides the recipients of the report limited assurance as to reasonableness of the assertion(s) presented in the financial information. c. The report states that the auditor has not recognized any basis that requires revision of financial statements. d. The report should state that the procedures performed are limited to analytical procedures and inquiry

Description : Which of the following is true of the report based on agreed-upon-procedures? a. The report is restricted to those parties who have agreed to the procedures to be performed. b. The CPA ... . d. The report should state that the procedures performed are limited to analytical procedures and inquiry

Last Answer : The report is restricted to those parties who have agreed to the procedures to be performed

An investor, while reading the financial statements of Star Corporation, learned that the statements are accompanied by an unqualified auditor's report. From this the investor may conclude that: a. The auditor has ascertained that Silver's financial statements have been prepared accurately. b. The auditor is satisfied that Silver is operationally efficient. c. Any disputes over significant accounting issues have been settled to the auditor's satisfaction. d. Informative disclosures in the financial statements but not necessarily in the notes to financial statements are to be regarded as reasonably adequate

Description : An investor, while reading the financial statements of Star Corporation, learned that the statements are accompanied by an unqualified auditor's report. From this the investor may conclude that: a ... but not necessarily in the notes to financial statements are to be regarded as reasonably adequate

Last Answer : Any disputes over significant accounting issues have been settled to the auditor's satisfaction.

An accountant who reviews the financial statements should issue a report stating that a review a. Is substantially less in scope than an audit. b. Provides negative assurance that the internal control is functioning as designed. c. Provides only a limited assurance that the financial statements are fairly presented. d. Is substantially more in scope than a compilation

Description : An accountant who reviews the financial statements should issue a report stating that a review a. Is substantially less in scope than an audit. b. Provides negative assurance that the internal ... the financial statements are fairly presented. d. Is substantially more in scope than a compilation

Last Answer : Is substantially less in scope than an audit.

Conflict between financial statement users and auditors often arises because of the a. High cost of performing an audit. b. Expectation gapc. Technical vocabulary which the auditoruses in the report.d. Placement of the auditor's report in theback of the client's annual report where itis hard to locate

Description : Conflict between financial statement users and auditors often arises because of the a. High cost of performing an audit. b. Expectation gap c. Technical vocabulary which the auditor uses in the report. d. ... auditor's report in the back of the client's annual report where it is hard to locate

Last Answer : Expectation gap

If requested to perform a review engagement for a nonpublic entity in which an accountant has an immaterial direct financial interest, the accountant is a. Independent because the financial interest is immaterial and, therefore, may issue a review report. b. Not independent and, therefore, may not issue a review report. c. Not independent and, therefore, may not be associated with the financial statements. d. Not independent and, therefore, may issue a review report, but may not issue an auditor's opinion.

Description : If requested to perform a review engagement for a nonpublic entity in which an accountant has an immaterial direct financial interest, the accountant is a. Independent because the financial interest is immaterial ... and, therefore, may issue a review report, but may not issue an auditor's opinion.

Last Answer : Not independent and, therefore, may not issue a review report.

If requested to perform a review engagement for a nonpublic entity in which an accountant has an immaterial direct financial interest, the accountant is a. Independent because the financial interest is immaterial and, therefore, mayissue a review report.b. Not independent and, therefore, may notbe associated with the financialstatements.c. Not independent and, therefore,may not issue a review report.d. Not independent and, therefore, mayissue a review report, but may not issuean auditor's opinion.

Description : If requested to perform a review engagement for a nonpublic entity in which an accountant has an immaterial direct financial interest, the accountant is a. Independent because the financial interest is immaterial ... and, therefore, may issue a review report, but may not issue an auditor's opinion.

Last Answer : Not independent and, therefore, may not issue a review report.

A typical objective of an operational audit is for the auditor to a. Determine whether the financial statements fairly present the entity's operations. b. Evaluate the feasibility of attaining the entity's operational objectives. c. Make recommendation for improving performance. d. Report on the entity's relative success in maximizing profits

Description : A typical objective of an operational audit is for the auditor to a. Determine whether the financial statements fairly present the entity's operations. b. Evaluate the feasibility of ... recommendation for improving performance. d. Report on the entity's relative success in maximizing profits

Last Answer : Make recommendation for improving performance

There are four conditions that give rise to the need for independent audits of financial statements. One of these conditions is consequence. In this context, consequence means that the: a. Users of the statements may not fully understand the consequences of their actions. b. Auditor must anticipate all possible consequences of the report issued. c. Impact of using different accounting methods may not be fully understood by the users of the statements. d. Financial statements are used for important decisions

Description : There are four conditions that give rise to the need for independent audits of financial statements. One of these conditions is consequence. In this context, consequence means that the: a. ... fully understood by the users of the statements. d. Financial statements are used for important decisions

Last Answer : Financial statements are used for important decisions