Chapter 18

Chapter 18

University

•

57 Qs

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Chapter 18

Chapter 18

Assessment

Quiz

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English

•

University

•

Practice Problem

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Medium

Created by

Thư anh

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57 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A going concern issue requires an explanatory paragraph to be added to the standard unqualified audit report (public company).

TRUE

FALSE

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An opinion based in part on the report of another auditor requires an explanatory/emphasis-of- matter paragraph be added to the standard unqualified audit report.

TRUE

FALSE

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A basic assumption that underlies financial reporting is that an entity will continue as a going concern.

TRUE

FALSE

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A change in accounting estimate is an example of an accounting change that affects comparability and requires an explanatory paragraph in the audit report.

TRUE

FALSE

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A correction of a material misstatement in previously issued financial statements is an example of an accounting change that affects comparability and requires an explanatory paragraph in the audit report.

TRUE

FALSE

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Changes that affect comparability but that do not involve a change in accounting principle or the correction of a misstatement are normally disclosed in the footnotes but do not require an explanatory paragraph in the audit report.

TRUE

FALSE

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An auditor may be unable to express an unqualified opinion if an immaterial departure from GAAP is present in the financial statements.

TRUE

FALSE

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