The Term "Except For" Is Used in the Opinion Paragraph

question 43

True/False

The term "except for" is used in the opinion paragraph of an audit report that will be qualified for a GAAP violation that is not pervasive.

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Definitions:

Depreciation Expense

The systematic allocation of the cost of a tangible asset over its useful life, representing how much of the asset's value has been used up during a financial period.

Contra Asset

An account on a company’s balance sheet holding a balance that is opposite to the normal account balance, such as accumulated depreciation.

Accrued Expense

An expense that has been incurred but not yet paid or recorded in the accounting records.

Annual Property Taxes

Taxes levied by local governments on the value of real estate property, paid yearly by the property owners.