The Phrase "Generally Accepted Accounting Principles" Can Be Found in the Opinion

question 34

True/False

The phrase "generally accepted accounting principles" can be found in the opinion paragraph of a standard unqualified report.

---

Definitions:

Net Operating Income

An indicator of a firm's earnings derived from its primary, ongoing business activities, not taking into account the subtraction of interest and taxes.

Retained Earnings

The portion of a company's profits that is saved or retained for reinvestment in the business, rather than being paid out as dividends to shareholders.

Direct Labor

The wages and other payroll costs of the employees who directly produce goods or services.

Work in Process

Inventory that includes materials that have been partially completed but are not yet finished goods.