XYZ Ltd Has Prepared Financial Statements That Are Not in Accordance

question 9

Multiple Choice

XYZ Ltd. has prepared financial statements that are not in accordance with GAAP. The review report should ________.

• A) ensure that the nature of the departure is described in the notes
• B) contain a reservation describing the nature of the departure from GAAP
• C) be a standard review report, since a review is not an audit
• D) indicate the dollar effect of restatement for each account affected

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Definitions:

Math and Science

Academic disciplines that focus on understanding and explaining the natural world through mathematical models and scientific investigation.

Prejudice

Preconceived opinion that is not based on reason or actual experience; bias, often towards an individual or group.

Negative Attitude

A predisposition to perceive, interpret, or act towards a particular aspect of one’s environment in an unfavorable or detrimental manner.

Unarmed Suspects

Individuals suspected of a crime who are not in possession of any weapons.