This Question Is Related to Other Public Accounting Services and Reports.For

question 41

Short Answer

This question is related to other public accounting services and reports.For each statement,description,or phrase (1-5),indicate the related type of engagement or report (A-F).
A.Reports on elements,accounts,or items of a financial statement
B.Reports on compliance with contractual agreements or regulatory requirements
C.Reports on the agreed-upon procedures
D.Reports on internal control
E.Reviews of unaudited financial statements of a nonissuer
F.Compilations of financial statements
____ 1.Management issues a separate report containing assertions.
____ 2."In our opinion,the schedule of inventory referred to above presents fairly,in all material respects
____ 3.They are substantially less in scope than an audit in accordance with generally accepted auditing standards.
____ 4.They are examinations or agreed-upon procedures about conforming to the rules and regulations of a regulatory agency.
____ 5.The reports identify specific users and describe the procedures specified by the users in detail.

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Definitions:

Adjusting Entry

A journal entry made in accounting records at the end of an accounting period to allocate income and expenditure to the appropriate periods.

Adjusting Entries

At the conclusion of an accounting cycle, entries are documented in the accounting ledger to distribute revenues and costs to the actual period they happened.

Types

Varieties or classifications into which objects, people, or concepts can be grouped based on shared characteristics.

Profit Margin Ratio

A financial metric used to evaluate a business's profitability by dividing net income by net sales.