This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What is an unqualified audit report? a. A report stating that the auditors are not qualified to ... (Read 137 times)

gonzo233

  • Hero Member
  • *****
  • Posts: 557
on: Jul 6, 2018
What is an unqualified audit report?
 
  a. A report stating that the auditors are not qualified to report on a firm.
  b. A report that states the financial statements are in violation of GAAP.
  c. A report that states that departures from GAAP exist in the firm's financial statements.
  d. A report that states the financial statements are presented fairly, in all material respects, and are in conformity with GAAP.

Question 2

Assume a company has a net income that exceeds the owner's drawing for the current year. The owner's Capital account
 a. will have a zero balance after the closing entries are completed.
   b. will increase.
   c. will decrease.
   d. will remain the same as the beginning balance.
   e. It is impossible to tell with the information provided.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

ryrychapman11

  • Sr. Member
  • ****
  • Posts: 334
Reply #1 on: Jul 6, 2018
Answer to Question 1

a

Answer to Question 2

b


gonzo233

  • Member
  • Posts: 557
Reply 2 on: Jul 6, 2018
YES! Correct, THANKS for helping me on my review

meganmoser117

  • Member
  • Posts: 303
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Approximately 25% of all reported medication errors result from some kind of name confusion.

Did you know?

The most dangerous mercury compound, dimethyl mercury, is so toxic that even a few microliters spilled on the skin can cause death. Mercury has been shown to accumulate in higher amounts in the following types of fish than other types: swordfish, shark, mackerel, tilefish, crab, and tuna.

Did you know?

The term bacteria was devised in the 19th century by German biologist Ferdinand Cohn. He based it on the Greek word "bakterion" meaning a small rod or staff. Cohn is considered to be the father of modern bacteriology.

Did you know?

Only 12 hours after an egg cell is fertilized by a sperm cell, the egg cell starts to divide. As it continues to divide, it moves along the fallopian tube toward the uterus at about 1 inch per day.

Did you know?

In the United States, there is a birth every 8 seconds, according to the U.S. Census Bureau's Population Clock.

An example of a typical incident report. An example of a typical incident report.
Young adults with low levels of parental support report significantly better scores on measures of ... Young adults with low levels of parental support report significantly better scores on measures of ...
Example of a day sheet report. Example of a day sheet report.
U.S. adults from 25 to 74 years report that the largest proportion of their daily stressors arise ... U.S. adults from 25 to 74 years report that the largest proportion of their daily stressors arise ...
Men and women report having fewer days with stressors as they go from middle to older adulthood, and ... Men and women report having fewer days with stressors as they go from middle to older adulthood, and ...
Research Report Evaluation Worksheet Research Report Evaluation Worksheet
Video: Cell mediated immune response to a viral infection Animation

For a complete list of videos, visit our video library