What Is the Major Difference Between a Reissued Report and an Updated

question 64

Multiple Choice

What is the major difference between a reissued report and an updated report?

• A)An updated report considers information that has come to their attention since the date of the original report,while a reissued report does not consider this information.
• B)An updated report can be presented along with the entity's financial statements,but a reissued report cannot be presented along with the entity's financial statements.
• C)An updated report will express a different opinion on the prior years' financial statements that that originally expressed by the auditors,while a reissued report will express the same opinion.
• D)An updated report will not express an opinion other than an unmodified opinion,while a reissued report can express an unmodified opinion,qualified opinion,adverse opinion,or disclaimer of opinion.

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Definitions:

Accumulated Depreciation

The total depreciation for a fixed asset that has been charged to expense since the asset was acquired and available for use.

Adjusting Entry

A journal entry made at the end of an accounting period to update account balances to reflect accurate and fair financial statements.

Closing Entry

An accounting entry made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts.

Income Summary

An account used in the closing process that summarizes revenues and expenses for a period, transferring the net income or loss to the owner's equity.