When an Accountant Is Engaged to Compile a Nonpublic Entity's

question 32

Multiple Choice

When an accountant is engaged to compile a nonpublic entity's financial statements that omit substantially all disclosures required by GAAP,the accountant should indicate in the compilation report that the financial statements

• A)might influence users' conclusions about the business,if the disclosures were included.
• B)are prepared in conformity with a comprehensive basis of accounting other than GAAP.
• C)are not compiled in accordance with Statements on Standards for Accounting and Review Services.
• D)are special-purpose financial statements that are not comparable to those of prior periods.

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Definitions:

Guidance Counselor

A professional who provides students with academic, career, and personal/social advice and support within educational institutions.

Parent-Teacher Conferences

Meetings between a student's parents or guardians and teachers to discuss the student's progress, needs, and any concerns or achievements in their education.

Academic Progress

The measurement of how much a student has learned and improved in their knowledge and skills over a specific period in an educational setting.

Mandatory

Something that is required by law or rules; obligatory.