Question 1
Clients occasionally enter into loan agreements that require them to provide the ________ with a report from a CPA about the existence or nonexistence of some condition.
◦ underwriters of securities
◦ audit committee
◦ lender
◦ Securities and Exchange Commission
Question 2
One of the bases other than GAAP or IFRS is the Financial reporting framework for small- and medium-sized businesses. This basis
◦ has not yet been approved by the AICPA.
◦ is the same as the income tax basis.
◦ draws upon a blend of traditional accounting principles and accrual income tax methods of accounting.
◦ must be used by a business with sales under $1 million.