The Date of the Audit Opinion of Upton Industries, Inc

question 129

Multiple Choice

The date of the audit opinion of Upton Industries, Inc. reads: March 7, 2014 except for Note D, as to which the date is March 12, 2014. What is this an example of?

• A) Improper reporting.
• B) A GAAP violation.
• C) Dual dating.
• D) A contingent event.

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Definitions:

Profit and Loss

A financial statement summarizing the revenues, costs, and expenses incurred during a specific period, typically a fiscal quarter or year.

Goodwill Method

An accounting technique used to account for acquired companies over their tangible assets and liabilities, representing intangible assets like brand reputation or intellectual property.

Capital Balance

The amount of money that a person or entity has invested in a business, which may change over time due to profits, losses, and withdrawals.

Independent Appraisal

An objective evaluation of an asset's value, performed by a professional and unbiased third party, often used in financial reporting, transactions, and for legal matters.