An Accountant's Standard Report on a Compilation of a Projection

question 833

Multiple Choice

An accountant's standard report on a compilation of a projection should not include a:

• A) Statement that a compilation of a projection is limited in scope.
• B) Disclaimer of responsibility to update the report for events occurring after the report's date.
• C) Statement that the accountant expresses only limited assurance that the results may be achieved.
• D) Separate paragraph that describes the limitations on the presentation's usefulness.

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Definitions:

Relevance

The degree to which something is related or useful to what is happening or being talked about.

Statement Of Cash Flows

Statement showing the sources and uses of cash during a period of time.

Cash Receipts

The collection of money, including coins, notes, electronic payments, and checks, received by a business during a given period.

Cash Payments

Transactions in which the payment for goods or services is made with physical currency or through an equivalent electronic form.