Kobyashi moru reports its inventory fixed assets

Reference no: EM13584220

Kobyashi Moru reports its inventory, fixed assets, depreciation and cost of goods sold on a current value basis (fair market value on the date of the financial statements).

Such accounting violates the cost principle of US GAAP. There is a disclosure of the pertinent facts stating this in a footnote on the key financial statements.

Prepare the following paragraphs that include the appropriate language.

A qualified opinion
An adverse opinion

Reference no: EM13584220

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