ABC Company Prepares Financial Statements Showing the Last Two Years,years

question 45

Multiple Choice

ABC Company prepares financial statements showing the last two years,years X and Y (Year X is the year prior to year Y) .The auditor performed an audit of year X and a review of year Y.The auditor may

• A)report on the year Y review and reissue the year X audit report.
• B)provide only the report concerning the year Y review.
• C)reissue the year X audit report with an explanatory paragraph disclosing that only a review was performed on year Y.
• D)notify the client that prior year audited financial statements cannot be presented when the current years statements have not been audited.

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Definitions:

Boiling Point

The temperature at which a substance transitions from the liquid phase to the gas phase under atmospheric pressure.

Cis-

A prefix that indicates substituents are located on the same side of a double bond or ring structure.

Trans-hex-3-ene

A geometric isomer of hex-3-ene with the two substituents opposite to each other across the double bond, affecting its chemical properties and reactivity.

Major Organic Product

The primary product of an organic reaction, usually the one in greater yield when multiple products are possible.