An Auditor Concludes That There Is Substantial Doubt About an Entity's

question 21

Multiple Choice

An auditor concludes that there is substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time.If the entity's disclosures concerning this matter are adequate, the auditor's report may include: Disclaimer of opinion Qualified opinion

• A)Yes No
• B)No Yes
• C)No No
• D)Yes Yes

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Definitions:

Immaterial Breach

A minor violation of a contract that does not result in significant harm or justify termination of the agreement by the other party.

Impossibility Of Performance

Impossibility of performance occurs when unforeseen events render it legally or physically impossible to fulfill the obligations of a contract.

Substantial Performance

Substantial performance refers to the completion of a nearly all terms of a contract or agreement, meeting the essential requirements despite minor deviations.

Paint Job

The application of paint to a surface, commonly referring to the process of painting vehicles or buildings for protective or aesthetic purposes.