Based upon compilation of an entitys financial statements

Assignment Help Financial Accounting

Reference no: EM13748891

1. When compiling a nonissue’s financial statements, an accountant is least likely to

A. perform analytical procedures designed to identify relationships that appear to be unusual

B. read the compiled financial statements and considers whether they appear to include adequate disclosure

C. omit substantially all of the disclosures required by generally accepted accounting principles

D. issue a compilation report on one or more but not all o the basic financial statements.

2. Which of the following should not be included in an acountant's standard report based upon the compilation of an entity's financial statements?

A. a statement that a compilation is limited to presenting in the form of financial statements information that is the representation of management

B. a statement that the compilation was performed in accordance with statements on standards for accounting and review services issued by the AICPA

C. a statement that the accountant has not audited or reviewed the statements

D. a statement that the accountant does not express an opinion but provides only limited assurance on the statements

3. Compiled financial statements of a nonissue intended for third-party use should be accompanied by a report stating that

A. the scope of the accountant's procedures has not been restricted in testing the financial information that is the representation of management

B. the accountant assessed the accounting principles used and significant estimates made by management

C. the accountant does not express an opinion or another form o assurance on the financial statements

D. a compilation consists principally of inquiries of entity personnel ad analytical procedures applied to financial data.

Reference no: EM13748891

Questions Cloud

Discuss the key concepts related to money : Discuss the key concepts related to money, monetary systems, and money supply. Describe the function of the Federal Reserve, its composition, and other key policy makers that influence the financial system.

Describe accountants exposure to lawsuits and loss judgments : Identify and describe accountants' exposure to lawsuits and loss judgments. Describe the SEC activities and literature involved in the regulation of accounting.

Disqualify a business or investment expenditure : Various criteria will disqualify the deduction of a business or investment related expenditure. Which of the following criteria will not disqualify a business or investment expenditure?

How some companies use different strategies to protect : Explain how some companies use different strategies to protect their product with short life cycle from being copied by other international violators

Based upon compilation of an entitys financial statements : When compiling a nonissue’s financial statements, an accountant is least likely to. Which of the following should not be included in an acountant's standard report based upon the compilation of an entity's financial statements? Compiled financial sta..

Description of proposed technology solution : Description of proposed technology solution, including such things as; the type of system, the name of any primary software to be used, whether the system is operated locally or remotely, etc.

Research paper on a large scale attack on information system : write a 2-3 page research paper on a large scale attack on an information system occurring in the time period between June 2014 and April of 2015

Determine the differences between overhead costs : Determine the differences between overhead costs and G & A costs in the production of VectorCal's navigation systems overall. Analyze the role that each of these types of costs plays in the long-term production of VectorCal's navigation systems. Just..

Adoption of an activity based costing system : A company is considering the adoption of an activity based costing system because the managers suspect that their traditional costing system distorts the product costs.

User Account

All Pages