Which of the Following Statements Is Not True

question 77

Multiple Choice

Which of the following statements is not true?

• A)A qualified opinion or an adverse opinion may bring into question the reliability of the financial statements.
• B)A disclaimer of opinion indicates that one should not look to the auditor's report as an indication of the reliability of the statements.
• C)In some cases,outside accountants are associated with financial statements when they have performed less than an audit.
• D)A review is substantially less in scope than an examination in accordance with generally accepted auditing statements.
• E)The accountant's report expresses an opinion on reviewed financial statements.

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Definitions:

Cash Over

Refers to a situation where the actual cash amount received is greater than the expected or recorded amount.

Cash Sales

Transactions in which goods or services are exchanged for cash payment at the time of the sale.

Electronic Funds Transfers

The digital transfer of money from one bank account to another either within the same financial institution or across different banks, via computer-based systems.

Principal Advantages

Key benefits or main positives associated with a method, strategy, or system.