In Each Pair of Sentences Below, Carefully Determine the Exact

question 19

Multiple Choice

In each pair of sentences below, carefully determine the exact relationship between the sentences. Then select the transitional expression that clearly expresses this relationship. A blizzard hit the airport. ____, all flights were cancelled.

• A) Nevertheless
• B) Consequently
• C) For example

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Definitions:

GAAS

Generally Accepted Auditing Standards; guidelines that auditors follow when conducting audits on companies' financial statements.

GAAP

Stands for Generally Accepted Accounting Principles, a set of accounting standards and practices used in the United States to ensure consistency and transparency in financial reporting.

Opinion Letter

A document issued by an auditor after the completion of auditing financial statements. This letter expresses whether the audit has been performed in compliance with Generally Accepted Auditing Standards (GAAS) and whether, in the auditor’s opinion, the financial statements fairly present the client’s financial position and results of operations in conformity with Generally Accepted Accounting Principles (GAAP).

Auditor's Opinion

A formal statement by an auditor, after reviewing an organization's financial statements, regarding the fairness and accuracy of those statements.