
Chapter 18
Quiz
•
English
•
University
•
Practice Problem
•
Medium
Thư anh
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57 questions
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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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