Kramer, CPA, consulted an independent appraiser regarding the valuation of fine art for anot-for-profit museum. Consultation with the appraiser in this case woulda. Be considered as exercising proper due care.b. Be considered a failure to follow generally accepted auditing standards because Kramershould have known how to value fine art before accepting the engagement.c. Not be considered a violation of generally accepted auditing standards because generallyaccepted auditing standards does not apply to not-for-profit entities.d. None of the above
Kramer, CPA, consulted an independent appraiser regarding the valuation of fine art for anot-for-profit museum. Consultation with the appraiser in this case woulda. Be considered as exercising proper due care.b. Be considered a failure to follow generally accepted auditing standards because Kramershould have known how to value fine art before accepting the engagement.c. Not be considered a violation of generally accepted auditing standards because generallyaccepted auditing standards does not apply to not-for-profit entities.d. None of the above
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Kramer, CPA, consulted an independent appraiser regarding the valuation of fine art for a
not-for-profit museum. Consultation with the appraiser in this case would
a. Be considered as exercising proper due care.
b. Be considered a failure to follow generally accepted auditing standards because Kramer
should have known how to value fine art before accepting the engagement.
c. Not be considered a violation of generally accepted auditing standards because generally
accepted auditing standards does not apply to not-for-profit entities.
d. None of the above
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