When There Is a Justified Departure from GAAP Which Is

question 56

Multiple Choice

When there is a justified departure from GAAP which is considered material, the auditor should issue a(n)

• A) standard unmodified opinion.
• B) disclaimer of opinion.
• C) unmodified opinion with an explanatory paragraph.
• D) adverse opinion.

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Definitions:

Earn

To receive payment or reward for work performed or for the provision of goods or services.

Economic Values

The monetary, material, or assessed worth of an asset, good, or service, which is determined by the market or by individual or societal preferences.

Annual Rate

Annual rate, often used in the context of loans and investments, refers to the percentage that signifies the yearly cost of funds or the yearly return on investment.

Annual Rate

Typically refers to the interest rate for a whole year, as opposed to a shorter period, on a loan, investment, or deposit.