Who Is Responsible for the Preparation of the Financial Report

question 6

Multiple Choice

Who is responsible for the preparation of the financial report?

• A)Auditor.
• B)Management.
• C)Both auditor and management.
• D)None of the answers given are correct.

---

Definitions:

Depreciation Expense

Assigning the price of a tangible asset across its operational life.

Produced Units

Refers to the number of units of a product that have been completed and are ready for sale during a specific period.

Extraordinary Repairs

Significant and infrequent repairs that extend the useful life of an asset beyond its original estimate.

Useful Life

Useful Life is the estimated period over which an asset is expected to be economically usable by an entity, with a finite period for depreciation or amortization.