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fiasKO [112]
3 years ago
9

A note to the financial statements of the First Security Bank indicates that the company self insures itself for the first $500,

000 of liability to employees, with liability insurance for the remainder. Based upon this, one would expect the auditors' report to express:_________.
Business
2 answers:
Alex787 [66]3 years ago
8 0

Answer: a standard unmodified opinion

Explanation: Based on the above scenario the author's report is expected to express "a standard unmodified opinion ".

Financial statement is a record of the financial activities or position of a business. It is an official or a formal record.

A standard unmodified opinion is an opinion that is accepted by most people and unaltered.

trapecia [35]3 years ago
5 0

Answer:

A standard unmodified opinion.

Explanation:

When a note to the financial statements of the First Security Bank indicates that the company self insures itself for the first $500,000 of liability to employees, with liability insurance for the remainder. Based upon this, one would expect the auditors' report to express a standard unmodified opinion.

A standard unmodified opinion is an opinion where financial statements are presented free of any misinterpretation, in all material respects, in accordance with standards known as Generally Accepted Accounting Principles (GAAP) to provide a high level of assurance.

The standard unmodified opinion comprises of report title, audit report address, introduction paragraph, managements responsibility, auditor's responsibility, opinion paragraph, audit report date and signature and address of certified public accountant firm.

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8 0
2 years ago
Which of the following is an common factor of failure for small businesses
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A few of the following can be considered major factors in failure of small businesses:

-Lack of financial planning: when a business is born it needs to critically plan out the first few years of running. Small business often fail to plan out for the future and have less working capital at hand.

-Lack of expertise: small business cannot afford specialist managers and this may be a reason for failure

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6 0
3 years ago
When applying the general accounting equation, if total liabilities increased by $5,000, then (select the BEST and MOST COMPLETE
lyudmila [28]

Answer:

Assets must have increased by $5,000, or stockholders' equity must have decreased by $5,000

Explanation:

The accounting equation shows the relationship between the elements of a balance sheet which are assets liabilities and equity.

This may be expressed mathematically as

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As such, an increase in total liabilities by $5,000 from the options given means that assets must have increased by $5,000, or stockholders' equity must have decreased by $5,000, this way, the accounting equation stays true.

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3 years ago
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