Compilation Reports May Include

question 43

Multiple Choice

Compilation reports may include:

• A)compilations when the accountant is not independent.
• B)compilations with full disclosure.
• C)compilations that omits substantially all disclosures.
• D)any of the items listed.

---

Definitions:

Class-by-Class Basis

A method of analysis or reporting where items are categorized and evaluated separately in distinct classes or groups.

Initial Recognition

The process of recording an asset or liability in the financial statements at the time it is incurred or acquired.

Measurement Basis

The method or approach used in accounting to determine the value at which assets, liabilities, income, and expenses are recorded in the financial statements.

Cost

The value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore.