What is the purpose of an audit report?

ACC 2 Unit 6.00

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Business
•
11th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
to detail and communicate audit findings to the internal and external stakeholders
2.
FLASHCARD QUESTION
Front
If audited financial statements contain highly significant material issues, fail to adhere to GAAP, and therefore fail to present the company’s financial situation fairly or accurately, the auditor should issue a/an:
Back
adverse opinion.
3.
FLASHCARD QUESTION
Front
On December 31, 20XX, Little Bill's Corporation is preparing its end-of-year financial statements for 20XX. Which is the correct heading for the Statement of Cash Flows?
Back
Little Bill's Corporation Statement of Cash Flows
For Year Ended December 31, 20XX
4.
FLASHCARD QUESTION
Front
Refer to the Comparative Income Statement for Sandy Pebble’s Corporation. Based on the information provided, what is the net income to be entered on the Statement of Cash Flows? Options: $65,000, $172,000, $197,000, $222,000
Back
$172,000
5.
FLASHCARD QUESTION
Front
What is the net change in cash?
Back
$28,000 decrease
6.
FLASHCARD QUESTION
Front
What is the amount of increase or decrease from Accounts Receivable?
Back
$50,000 increase
7.
FLASHCARD QUESTION
Front
Based on the information provided, what is the depreciation expense that would be entered on the Statement of Cash Flows? (This amount would be added to the Net Income amount on the Statement of Cash Flows.)
Back
$32,000
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