An Accountant Could Not Issue Compiled Financial Statements That Would

question 114

Multiple Choice

An accountant could not issue compiled financial statements that would include a report

• A) Mentioning that the management has elected to omit substantively all footnote disclosures, and if they were included they might influence users' conclusions about the business.
• B) Attesting to the overall fairness of the financial statements.
• C) Stating that the accountant is not independent.
• D) Stating that the objective of a compilation is to assist management in presenting financial information.

---

Definitions:

Responsibility

The duty or obligation to carry out tasks, make decisions, and face the consequences of actions or inactions.

Federal Exemptions

Specific protections provided by federal law that prevent certain property or assets from being seized or sold to repay debts.

Michigan Exemptions

Legal provisions in Michigan allowing debtors to keep certain property out of reach from creditors during bankruptcy and collections.

Bankruptcy Court

A specialized federal court that handles cases involving bankruptcy filings and related legal issues.