The Standard Report Issued by an Accountant After Reviewing the Financial

question 447

Multiple Choice

The standard report issued by an accountant after reviewing the financial statements of a nonissuer should state that:

• A) A review is limited to presenting in the form of financial statements information that is the representation of management.
• B) A review consists of inquiries of company personnel and analytical procedures applied to financial data.
• C) The accountant does not express an opinion or any other form of assurance on the financial statements.
• D) The accountant did not obtain an understanding of the entity's internal control or assess control risk.

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Definitions:

Humanistic Psychology

A psychological perspective that emphasizes the study of the whole person and the unique potential of individuals to achieve self-actualization.

Insignificant Social Life

Insignificant social life refers to a scenario where an individual experiences minimal social interactions and relationships, potentially affecting their psychological well-being.

Process of Maturation

The natural progression of physical and psychological growth and development in individuals, from infancy to adulthood.

Physiological Needs

Basic physical requirements for human survival, such as air, water, food, shelter, and sleep.