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:

DSM-5

The fifth edition of the American Psychiatric Association's classification and diagnostic tool for mental health professionals.

Substance Use

The consumption of drugs or alcohol, not necessarily implying abuse, but focusing on the act of using these substances.

Substance Withdrawal

Experience of clinically significant distress in social, occupational, or other areas of functioning due to the cessation or reduction of substance use.

Alcohol-Induced

Pertains to conditions or disorders that are directly caused by the consumption of alcohol.