A Justified Departure from GAAP May Result in Which of the Following

question 35

Multiple Choice

A justified departure from GAAP may result in which of the following?

• A) A disclaimer of an audit opinion.
• B) An unqualified audit opinion with an explanatory paragraph either before or after the opinion paragraph.
• C) An adverse opinion.
• D) A qualified opinion.

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Definitions:

Preliminary Parts

Initial sections of a document or report that typically include the title, abstract, and table of contents, setting the stage for the main content.

Supplementary Information

Additional data or details provided to support or clarify a main piece of information or argument.

Credibility

The quality of being trusted, believable, or reliable.

Identify Assumptions

The process of recognizing and evaluating underlying beliefs or principles that are taken for granted within a particular argument or context.