An Unmodified Audit Opinion Rendered on a Governmental Unit's Basic

question 22

Multiple Choice

An unmodified audit opinion rendered on a governmental unit's basic financial statements means those statements:

• A) Have been certified as free from error.
• B) Did not require modifications by the auditor.
• C) Present the entity's financial position fairly in conformity with GAAP.
• D) All of the above.

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Definitions:

Capital Contributions

Funds or assets introduced into a firm or partnership by its owners or partners to support the organization's operations, finance its activities, or expand its assets.

Transferable Interests

Transferable interests are the portions of ownership in a business entity that can be transferred or sold from one owner to another.

Limited Partners

Limited partners are investors in a partnership with limited liability to the debts of the partnership, and whose involvement in management is restricted by law.

General Partner

An owner of a partnership who has unlimited personal liability for the debts and obligations of the partnership.