The Accountant's Standard Report for a Review Service Would Not

question 20

Multiple Choice

The accountant's standard report for a review service would not include a statement that

• A) A review service was performed in accordance with AICPA generally accepted auditing standards.
• B) All information included in the representation of the management of the business.
• C) A review consists primarily of making inquiries and performing analytical procedures.
• D) The accountant is not aware of any material modifications that should be made to make this financial statement conform to generally accepted accounting principles.

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Definitions:

Shareholders

Individuals or entities that own one or more shares of stock in a corporation, making them partial owners of the company.

Classes Of Common Shares

Different categories of common stock that a corporation may issue, each with specific rights, privileges, and benefits that may vary from other classes.

Unequal Voting Rights

A scenario in corporate governance where different classes of shares are allocated different numbers of votes per share.

Class Action

A legal procedure that allows many individuals with similar grievances to sue a defendant as a group.