A Compiled Financial Report Should Be Accompanied by a Report

question 7

Multiple Choice

A compiled financial report should be accompanied by a report stating all of the following except:

• A)a compilation has been performed.
• B)the accountant does not express an opinion or any other form of assurance on the report.
• C)a compilation consists principally of enquiries of company personnel and analytical procedures applied to financial data.
• D)a compilation is limited to presenting in the form of a financial report, information that is the representation of management.

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Definitions:

Histogram

A graphical representation of the distribution of numerical data, where the data is divided into bins and the frequency of the data in each bin is depicted through the height of the bar.

IQR

Interquartile Range, a measure of variability that indicates the spread of the middle 50% of a dataset.

Standard Deviation

An indicator of the range of variability or spread within a series of numbers, showing the extent to which these numbers deviate from the average.

Mean Price

Mean price is the average price of a set of goods or services, calculated by dividing the total price by the number of items.