Homework Clinic

Social Science Clinic => Accounting => Topic started by: 0220521 on Aug 21, 2022

Title: Management has recorded prepaid insurance as an asset in the previous year. This year, to reduce ...
Post by: 0220521 on Aug 21, 2022

Management has recorded prepaid insurance as an asset in the previous year. This year, to reduce record-keeping costs, it expenses insurance. If the amount is immaterial to the financial statements,
◦ a disclaimer opinion is issued.
◦ a qualified opinion is issued.
◦ a standard unmodified opinion audit report is issued.
◦ no audit report can be issued.

Title: Management has recorded prepaid insurance as an asset in the previous year. This year, to reduce ...
Post by: jojomac20 on Aug 21, 2022

a standard unmodified opinion audit report is issued.