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lubasha [3.4K]
3 years ago
10

If the financial statements include an income statement and a balance sheet but exclude the statement of cash flows, the auditor

s Group of answer choices should issue a qualified opinion because the missing statement of cash flows constitutes a scope limitation. can issue an unqualified report. should issue a qualified opinion due to the departure from GAAP. should include the statement of cash flows, modify the report, and issue an unqualified opinion.
Business
1 answer:
USPshnik [31]3 years ago
3 0

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.

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Z is a normal good. The equilibrium price and equilibrium quantity of Z in the year 2011 was $25 and 60 units, respectively. In
Ymorist [56]

Answer:

D) Shift of the demand curve for Z to the left

Since both the equilibrium quantity and price decreased.

Explanation:

A rightward shift of the demand curve should increase both the equilibrium price and quantity.

A rightward shift of the supply curve should increase the equilibrium quantity and decrease the equilibrium price.

A leftward shift of the supply curve should increase the equilibrium price and decrease the equilibrium quantity.

4 0
3 years ago
Sometimes entrepreneurs spend so much time and energy building the business that relationships are destroyed. What phrase best d
tekilochka [14]

Answer to this Question is

D) It's possible to score points in the wrong game.

Explanation:

Yes, its very much true that entrepreneurs build businesses from scratch, they build big empires by providing customers the most innovative products. They keep on finding the new solutions for the people's problems. Yes, while putting this handwork and changing the business and wold's landscape they put so much time, effort and energy that they get very less time for themselves that's why they cant give much time to their relationships and they have to loss them. That's why it is said that its just like scoring points in the wrong game.

5 0
3 years ago
A subject property has a swimming pool (worth $5,000) and a three-car garage (worth $4,500). Comp property A has a pool only and
AnnyKZ [126]

Answer and Explanation:

The calculation of the adjusted price that could use for these two comps in a CMA is given below:

For Comp property A, the value of the garage should be

= $452,500 + $4,500

= $457,000

And, for comp property B, the value of the pool should be

= $446,000 + $5,000

= $451,000

In this way, it should be considered

4 0
2 years ago
Exam hide or show questions question content area revenue and expense account are permanent accounts. true false
klio [65]

Because they are always converted to an income summary throughout the closing process, revenue and expense accounts are known as nominal accounts.

so the statement is false

Revenue Definition:

Revenue in financial accounting refers to an inflow of funds, typically from sales or services provided by commercial activity. It is also known as sales or business turnover. In other terms, revenue refers to the amount of money that a company or organization receives. For instance, certain businesses may receive income from royalties, interest, or copyright fees. While for some businesses, money may come from the services they provide to clients. Donations from groups, corporations, and people are referred to as revenue for non-profit organizations.

Operating Revenue Examples:

  • Sales.
  • Fees or Commission Earned.
  • Service Revenues.

Expenses Definition:

A money outflow is known as an expense or expenditure in financial accounting. As an illustration, a tenant's expenses can include rent. Parents' expenses could include the cost of their children's tuition. Expenses for a business include things like electricity bills, bank fees, sales expenses, phone bills, repairs, and services.

List of expenses in accounts frequently observed when preparing financial statements:

  • Cost of goods sold.
  • Legal fees.
  • Depreciation.

Learn more about Revenue and expense accounts here

brainly.com/question/16749768

#SPJ4

3 0
1 year ago
On April 30, 2015, Zono Electronics, Inc. made a payment of $3,500 to Imperial Distributors, a supplier. Choose the statement th
pav-90 [236]

Answer:

A) Debit cash, credit accounts receivable

Explanation:

As the statement said, Zoono electronics made a payment which means they are debiting cash amount of $3,500 to imperial distributor who is a supplier. So the best statement that best describes the recording of this financial transaction by imperial distributor is their account receivable has been credited and cash is debited. All the other options are wrong except this.

3 0
3 years ago
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