Palmer Hand Clinic has the following accounts and balances: Cash, 2,350 Accounts Receivable, 280 Professional Equipment, 1,200 Office Equipment, 6,700 Accounts Payable, 4,380 P. Palmer, Capital, 2,000 Income from Services, 6,000 Rent Expense, 1,850 What is the amount of liabilities?
a. 6,230
b. 1,850
c. 4,380
d. 6,150
Question 2
Which of the following is a difference between audits and compilations?
A) The auditor's objective is to obtain reasonable assurance that the financial statements are free of material misstatements, whereas the objective of a compilation is to assist management in presenting financial information without obtaining any level of assurance.
B) Audits do not require an understanding of the entity's internal controls and an assessment of fraud risk, whereas compilations require an understanding of the entity's internal controls and an assessment of fraud risk.
C) Audits have a narrower scope as compared to reviews, whereas compilations have a broader scope as compared to reviews.
D) Audits provide a reasonable level of assurance to the users of the financial statements, whereas compilations provide a limited level of assurance to the users of the financial statements.
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