The correct answer is: Weight
May the Talos guide you
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please mark me brainliest</span>
Answer:
The auditor should issue a qualified report for the departure from generally accepted accounting principles.
Explanation:
A qualified opinion can be understood as the statement given by an auditor in conjunction with a corporation's audited financial statements in an auditor's report. It was an auditor's judgement that implies a firm's earnings reporting was restricted in scope or that there was a substantial fault with the implementation of generally accepted accounting standards (GAAP)—but hardly one that was widespread.
The journal entry on May 1 was:
A debit to Prepaid Insurance for 15,600
And a credit to cash for 15,600
Prepaid Insurance is the share of an insurance premium that
has been paid in early and has not finished as of the balance sheet date.
The monthly insurance payment for two years is computed by 15,600/24
months which is $650 per month.
At December 31 the adjusting entry would be:
A debit to Insurance Expense 5,200
And a credit to Prepaid Insurance for 5,200
5,200 is computed by:
650 x 8 months (starting from May 1 to December 31) = 5,200
I would say yes, because a person would want to know fully what they are getting into.
