Inconsistent Application of Accounting Principles by the Client Is a GAAP

question 51

True/False

Inconsistent application of accounting principles by the client is a GAAP violation and would result in a qualified audit report.

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Definitions:

Intuitive Thought

Thought that arises from an emotion or a hunch beyond rational explanation, and is influenced by past experiences and cultural assumptions.

Egocentrism

Piaget’s term for children’s tendency to think about the world entirely from their own personal perspective.

PL94-142

Also known as the Education for All Handicapped Children Act of 1975, it mandates public schools to provide free and appropriate education to children with disabilities.

IDEA

Individuals with Disabilities Education Act, a U.S. law ensuring students with disabilities are provided with Free Appropriate Public Education tailored to their individual needs.