Which of the Following Is Correct Concerning Financial Statements Prepared

question 25

Multiple Choice

Which of the following is correct concerning financial statements prepared in the United States for use in another country?

• A)The auditor must follow GAAP of both the United States and of the other country.
• B)The type of audit report issued depends upon whether it is for use primarily outside the United States.
• C)The audit must only follow US GAAP.
• D)Auditors from the other country must be involved with the audit to assure adequate performance of that country's standards.

---

Definitions:

Proteins

Large, complex molecules essential to all living organisms, playing many critical roles in the body, including structural, enzymatic, and regulatory functions.

DNA

Deoxyribonucleic acid, the molecule that carries genetic information in living organisms and some viruses.

Linnaeus's Classificatory System

A system developed by Carl Linnaeus for categorizing and naming organisms using a hierarchical structure of kingdoms, classes, orders, families, genera, and species.

Founder Effects

A particular form of genetic drift deriving from a small founding population not possessing all the alleles present in the original population.