Which of the Following Statements About a Compilation Engagement Is

question 7

Multiple Choice

Which of the following statements about a compilation engagement is NOT true?

• A)The accountant must have adequate technical training and proficiency in accounting.
• B)The accountant does not have to have an objective state of mind.
• C)The statements must comply with generally accepted accounting principles.
• D)The accountant should adequately plan and properly execute the work.

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Definitions:

Compounded Semiannually

The calculation of interest where it is added to the principal twice a year, resulting in the interest earning interest semiannually.

Maturity Value

The total amount payable to an investor at the end of a fixed term investment, including principal and interest.

Annual Growth Rate

The yearly rate at which an investment or part of the economy grows.

Town's Population

The number of people living in a particular town.