For Each Term Listed Below (Items 1-5)select the Correct Term

question 7

Short Answer

For each term listed below (items 1-5)select the correct term (items A-F).
A. Attestation
B. Assurance Service
C. Compilation
D. Trust Services
E. Review Service
F. Service Organization
___ 1. An engagement whereby a practitioner provides limited assurance about financial information.
___ 2. A service whereby the practitioner assists in assembling financial information.
___ 3. Professional services resulting in a report on subject matter or a claim about subject matter that is the responsibility of another party.
___ 4. An entity that provides a service to another company regarding the processing of transactions or information.
___ 5. Professional services aimed at improving the quality of information both financial and non-financial for decision makers.

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Definitions:

Fair Value

An estimate of the market value of an asset or liability based on current conditions and transactions.

Fair Value

An estimate of the price at which an asset or liability would be traded in a fair transaction between willing and knowledgeable participants.