Who Bears Ultimate Responsibility for the Financial Statements

question 58

Multiple Choice

Who bears ultimate responsibility for the financial statements?

• A)Management of the organization, equally with the external auditor that audits the statements.
• B)Management and the shareholders of the organization.
• C)The external auditor that audits the statements.
• D)Management of the organization.

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Definitions:

Aldosterone

A hormone produced by the adrenal glands that helps regulate the balance of salts and water in the body by promoting the reabsorption of sodium and excretion of potassium in the kidneys.

Urine Volume

The total amount of urine excreted by the kidneys in a given time period, which can indicate hydration levels or kidney function.

Afferent Arteriole

A small artery that carries blood toward the capillaries of the glomerulus in the kidney, initiating the process of blood filtration.

Blood Pressure

The force exerted by circulating blood on the walls of blood vessels, essential for maintaining bodily functions.