The following is a potential activity undertaken by management during the preparation of financial statements. - "Assessment of the 12 months projected information of the entity" Which assumption/consideration for a fair presentation of the financial statements matches the activity? Select the correct answer. Consistency Offsetting Going concern Accrual basis

Q: What is the concept of going concern? elect one answer: Understating the assets and revenues and…

A: An assumption or condition under which the transactions of a business entity are recorded is…

Q: What is an engagement to attest on internal control over financial reporting? (

A: Internal control seems to be a procedure formulated and constructed by those in command of…

Q: Consider the following material and independent situations (i) to (iii) below. In each situation,…

A: Audit Procedures Audit procedures is an important activities which are involved in the Audit…

Q: Analytical procedures include comparisons of the entity’s financial information with: Comparable…

A: Analytical procedures are used to complete the audit process. They help in assessing financial…

Q: As per ISA 700, Which of the following is NOT a specific evaluation while forming an opinion on…

A: ISA 700 is International standard on auditing which deals with forming an opinion and reporting on…

Q: Subsequent events are reviewed through which date under IFRS? A. Statement of financial position…

A: Subsequent events are events that occur between the balance sheet date and the authorization date of…

Q: I only С. Both I and II а. II only d. Neither I nor II

A: Answer is 'A'

Q: Should auditors give assurance on the MD&A or other information in annual reports such as Non-GAAP,…

A: Introduction : Auditing is defined as a procedure carried out by a firm to assess the correctness…

Q: Explain two (2) challenges when analyzing and interpreting the financial performance of different…

A: Financial ratios are tools which are used by the business organizations so as to assess the…

Q: Both the GASB and the FASB require entities to include a management discussion and analysis in the…

A: The Government Accounting Standard Board (GASB) is defined as an organization that performs the…

Q: All answer's

A: Definition of Compilation Engagement: A compilation engagement is a type of service provided by…

Q: Which of the following audit objectives is to validate the assertion of existence? *   A. All…

A: Financial statement assertions, also known as management assertions, are a company's official…

Q: Which of the following is least likely to be a procedure included in an accountant’s review of…

A: Interim financial information refers to the financial information of an entity or the statements of…

Q: Form of conclusion : “In our opinion , the financial statements present fairly , in all material…

A: An independent auditor's official judgment on whether financial statements are presented fairly, in…

Q: ask 1) Review and evaluate the accounting system This review can be of the complete system or of one…

A: Accounting functions are described as the collection of financial processes that aid in the…

Q: be viewed as a going concern C. The financial statements are reliable D. Accounting policies are…

A: Only items that fit the definitions of an asset, a liability, or equity are recognised in the…

Q: A typical substantive procedure for receivable balance and sales transactions may include…

A: Assertions: Assertions are used by the auditor to consider the different types of misstatements that…

Q: The accountability instrument refers to the answer choices as below, except         A. fiskal…

A: Accountability includes accepting responsibility for one's own actions. It imply a desire to be open…

Q: QUESTION: AN ACCOUNTANT'S COMPILATION REPORT SHOULD BE DATED AS OF THE DATE OF: A. COMPLETION…

A: Option A: This option is incorrect because the date of completion of a report by the accountant…

Q: (Treatment of Various Interim Reporting Situations) The following statement is an excerpt from the…

A: Generally accepted accounting principles (GAAP) allude to a typical arrangement of bookkeeping…

Q: Which of the following audit objectives is to validate the assertion of classification? *   A.…

A: B. Income statement related items are appropriately recorded in the proper accounts in the statement…

Q: The substance of annual report are a) the management analysis b ) the charts and tables C ) the…

A: Annual reports represent the financial statement of the company that has been audited by the auditor…

Q: Which of the following statements is correct in relation to the contents of the IASB Conceptual…

A: The objective of the question is to identify the correct statement in relation to the contents of…

Q: Auditors have a responsibility related to management’s disclosure of new informationrelated to…

A: Auditor: The person who is considered responsible for assessing the credibility of the financial…

Q: Auditor gives ________ regarding the financial statements a. Accurate view b. True and fair view c.…

A: Solution:- Every auditor required to give opinion on financial statements after examination books of…

Q: According to CF of IASB Determining how an asset or liability should be measured should ideally be…

A: IASB stands for International accounting standard board. It is a privately-owned body set up to…

Q: In preparing GAAP-based financial reports, nonprofit organizations must present their expenses by…

A: All the Non profit organizations in the USA are required to express their expenses based on  their…

Q: The following Specific Balance Related Audit Objective-Sales Cutoff at year-end is proper- isrelated…

A: Answer:   Option A

Q: An entity is a wholesaler of office supplies. The activity for Model II calculators during August is…

A: Solution 1: Under FIFO method of inventory, inventory purchased first is considered to be sold…

Q: Opinions on the effectiveness of the internal control system and the fairness of the amounts…

A: The internal control system is implemented in the company to ensure efficiency and effectiveness in…

Q: In the process of applying the entity's accounting policies, management makes various judgments,'…

A: Solution Note : As per the Q&A guideline we are required to answer the first question only .…

Q: Which of the following is not included in the standard (unmodified) report on the…

A: The purpose behind Auditor's report on the fiscal summary is to give an assessment that whether the…