Compiled Financial Statements of a Nonpublic Entity Should Be Accompanied

question 20

Multiple Choice

Compiled financial statements of a nonpublic entity should be accompanied by a report stating that

• A)the scope of the accountant's procedures has not been restricted in testing the financial information that is the representation of management.
• B)the accountant assessed the accounting principles used and significant estimates made by management.
• C)the accountant does not express an opinion or any other form of assurance on the financial statements.
• D)a compilation consists primarily of inquiries of entity personnel and analytical procedures applied to financial data.

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Definitions:

Openings

Natural or manufactured spaces that allow passage or access from one area to another.

Bladder

A hollow organ in the lower abdomen that stores urine from the kidneys before it is excreted from the body.

Glomerular Capsule

The glomerular capsule, also known as Bowman's capsule, is a cup-like sac at the beginning of the tubular component of a nephron in the mammalian kidney that performs the first step in the filtration of blood to form urine.

Renocytes

Specialized cells found in certain invertebrates that are involved in the excretion process.