Who Provides an Opinion That Reflects Their Professional Conclusions Regarding

question 67

Multiple Choice

Who provides an opinion that reflects their professional conclusions regarding the financial statements and for most publicly traded firms in the U.S.also provides a separate opinion on the effectiveness of the firm's internal controls over financial reporting?

• A)management
• B)controller
• C)financial vice-president
• D)independent auditor
• E)general counsel

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Definitions:

Paid-In-Capital Accounts

Accounts representing the funds contributed by shareholders over and above the nominal value of the shares; it's an equity item on the balance sheet.

Consolidating Journal Entry

A journal entry made in the process of combining the financial statements of several departments or subsidiaries into a single set of statements.

Wholly Owned Subsidiary

A company whose entire stock is held by another company, making it completely controlled by the parent company.

Loss Associate

A situation where a company incurs a loss through its investment in an associate or joint venture.