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It is appropriate to issue an opinion that contains the phrase 'except for' when:
Working Capital
Current assets minus current liabilities, indicating the liquidity available for a company's day-to-day operations.
Taxable Income
The portion of income subject to taxation by governmental authorities after accounting for deductions and exemptions.
Working Capital
Working capital refers to the difference between a company's current assets and current liabilities, indicating the liquidity and short-term financial health of the business.
Taxable Income
The portion of an individual's or corporation's income used to determine how much tax is owed to the government.
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