When Reporting on Financial Statements That Include Only Summarized Totals

question 81

Multiple Choice

When reporting on financial statements that include only summarized totals of account balances,the auditors' conclusion should state whether the information in the summary financial statements

• A)Is complete with respect to disclosures required by the SEC.
• B)Is fairly stated,in all material respects,in accordance with generally accepted accounting principles.
• C)Is consistent,in all material respects,with the prior years' summary financial statements.
• D)Is fairly stated,in all material respects,in relation to the complete financial statements.

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Definitions:

Repress Hostility

The act of suppressing feelings of anger and disdain towards others, often unconsciously.

Parents' Fear

The anxiety or concern experienced by parents regarding the welfare and safety of their children.

Guilt

An emotional experience that occurs when a person believes they have violated a moral standard, causing internal conflict and feelings of remorse.

Basic Negativism

A term describing an oppositional or resistance attitude where an individual may do the opposite of what they are requested to do, or resist external commands and demands.