Acc 450 when financial statements are affected by a material departure from generally accepted accounting principles, the auditors should Issue an "except for" qualification or an adverse opinion.
When auditors were unable to gather sufficient appropriate audit evidence on specific matters and their impact was material but not pervasive, a qualified opinion was also offered. Auditors typically provide a qualified opinion by stating that, with the exception of particular transactions or balances, or circumstances, the financial statements are free of major misstatements.
To describe the nature and circumstances that led auditors to modify their view in the audit report, a reason for adverse opinion paragraph must be added as a distinct paragraph to an adverse audit report.
The balance sheet and income statement, as well as each of their individual line items, would alter if the financial statements adhered to appropriate accounting rules, according to a basis for unfavourable opinion paragraph.
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Answer: $570000
Explanation:
The book-tax difference, that's associated with its federal income tax expense that Seatax should have reported when computing its year 1 taxable income will be $570000.
It should be noted that the $570000 for the book tax difference is permanent as it isn't reversible for.the next fiscal period.
Answer:
A. A toothpaste manufacturer adds a new line of toothpaste (that contains baking soda) to its product line.
Explanation:
Market cannibalization is explained to be a loss in sales caused by a company's introduction of a new product that displaces one of its own older products.
Introduction of a new toothpaste containing baking soda is a perfect example, because it will reduce or alter sales in the other brand units.
The cannibalization of existing products leads to no increase in the company's market share despite sales growth for the new product. Market cannibalization can occur when a new product is similar to an existing product, and both share the same customer base. Cannibalization can also occur when a chain store or fast food outlet lose customers due to another store of the same brand opening nearby.
