Which of the Following Representations Does an Auditor Make Explicitly

question 39

Multiple Choice

Which of the following representations does an auditor make explicitly and which implicitly when issuing an unqualified opinion on a public company's financial statements? $$\begin{array} { | c | c | c | } \hline & \text { Conformiy with PCAOB Standards } & \text { Adequacy of disclosure } \\\hline \text { A. } & \text { Explicitly } & \text { Explicitly } \\\hline \text { B. } & \text { Implicitly } & \text { Implicitly } \\\hline \text { C. } & \text { Implicitly } & \text { Explicitly } \\\hline \text { D. } & \text { Explicitly } & \text { Implicitly } \\\hline\end{array}$$

• A) Option A
• B) Option B
• C) Option C
• D) Option D

Evaluate the effects of body modification practices and the pursuit of ideal health and beauty standards on personal and societal levels.

Recognize the impact of technologies and social movements on the lives and rights of people with disabilities.

Understand societal attitudes towards death and dying and the sociological significance of cultural biases in perceiving social problems.

Understand the concept of eugenics and its implications on societal practices.

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Definitions:

Straight-Line Method

A depreciation technique that allocates an equal proportion of the cost of an asset to each year of its useful life.

Amortize Discount

The process of gradually writing off the discount on bonds payable over the life of the bond, effectively recognizing some interest expense each period.

Bonds Payable

Long-term liabilities that represent the amount a corporation owes to bondholders.

Effective-Interest Method

A method of calculating the amortized cost of a bond and interest expense using a constant interest rate over the term of the bond.