An Accountant's Standard Report on a Compilation of a Projection

question 55

Multiple Choice

An accountant's standard report on a compilation of a projection should not include

• A) A statement that he or she does not express an opinion on the statements or assumptions.
• B) A statement that a compilation of a projection is limited in scope.
• C) A disclaimer of responsibility to update the report for events occurring after the report's date.
• D) A statement that the accountant expresses only limited assurance that the results may be achieved.

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Definitions:

Master Account

A primary account that is used to manage multiple sub-accounts under a single umbrella, often for purposes of consolidation and easier management.

Same Day Value

A banking term indicating that a fund transfer or transaction will be credited or debited with its value dated the same day the instruction is received.

Cash Concentration Account

A cash concentration account is a bank account used by companies to consolidate and manage their cash flows, usually involving the transfer of funds from multiple accounts into this single account.

Firm Benefits

Advantages or favorable factors resulting from the policies or practices of a particular company, including financial remuneration and non-monetary perks.