If Compiled Financial Statements Presented in Conformity with the Cash

question 29

Multiple Choice

If compiled financial statements presented in conformity with the cash receipts and disbursements basis of accounting do not disclose the basis of accounting used,the accountant should:

• A)Disclose the basis in the notes to the financial statements.
• B)Clearly label each page "Unaudited."
• C)Disclose the basis of accounting in the accountant's report.
• D)Recompile the financial statements using generally accepted accounting principles.

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Definitions:

Conversational Commerce

The intersection of messaging apps and shopping; the practice of engaging customers in conversation through chat and voice interfaces to initiate the buying process.

Messaging Apps

Software applications designed for instant messaging through text, voice, video, or other media, often on smartphones and tablets.

G2C

Government-to-Citizen, the online interactions between government entities and the public, often for the delivery of information, services, and policies.

E-commerce

E-commerce refers to the buying and selling of goods or services using the internet, and the transfer of money and data to execute these transactions.