Provide the comment on the given statement.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 17, Problem 1RQ

To determine

Provide the comment on the given statement.

Expert Solution & Answer

Explanation of Solution

Audit report:

The audit report is a written opinion of the auditor on the fair representation of the financial statements of the company. The audit report is prepared in a specific manner as mandated by the applicable financial reporting framework. It examines whether the company has followed the GAAP guidelines.

Comparative financial statements:

Financial statements usually represented through the comparative form for the current year as well as one or more previous years. Such financial statements are prepared based on the general purpose financial reporting framework.

Comment on the given statement:

The given statement is not correct. The comparative financial statements imply the comparison between the current year and the previous year’s financial statements of the same company. Thus, it cannot be said that an audit report on comparative financial statements ordinarily compares current year financial statements of two or more companies with one another.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

I want to correct answer general accounting question

What is the net income?

Help this answer.

Answer 2

Question

Chapter 17, Problem 1RQ

To determine

Provide the comment on the given statement.

Expert Solution & Answer

Explanation of Solution

Audit report:

The audit report is a written opinion of the auditor on the fair representation of the financial statements of the company. The audit report is prepared in a specific manner as mandated by the applicable financial reporting framework. It examines whether the company has followed the GAAP guidelines.

Comparative financial statements:

Financial statements usually represented through the comparative form for the current year as well as one or more previous years. Such financial statements are prepared based on the general purpose financial reporting framework.

Comment on the given statement:

The given statement is not correct. The comparative financial statements imply the comparison between the current year and the previous year’s financial statements of the same company. Thus, it cannot be said that an audit report on comparative financial statements ordinarily compares current year financial statements of two or more companies with one another.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 17, Problem 1RQ

To determine

Provide the comment on the given statement.

Expert Solution & Answer

Explanation of Solution

Audit report:

The audit report is a written opinion of the auditor on the fair representation of the financial statements of the company. The audit report is prepared in a specific manner as mandated by the applicable financial reporting framework. It examines whether the company has followed the GAAP guidelines.

Comparative financial statements:

Financial statements usually represented through the comparative form for the current year as well as one or more previous years. Such financial statements are prepared based on the general purpose financial reporting framework.

Comment on the given statement:

The given statement is not correct. The comparative financial statements imply the comparison between the current year and the previous year’s financial statements of the same company. Thus, it cannot be said that an audit report on comparative financial statements ordinarily compares current year financial statements of two or more companies with one another.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 17, Problem 1RQ

To determine

Provide the comment on the given statement.

Expert Solution & Answer

Explanation of Solution

Audit report:

The audit report is a written opinion of the auditor on the fair representation of the financial statements of the company. The audit report is prepared in a specific manner as mandated by the applicable financial reporting framework. It examines whether the company has followed the GAAP guidelines.

Comparative financial statements:

Financial statements usually represented through the comparative form for the current year as well as one or more previous years. Such financial statements are prepared based on the general purpose financial reporting framework.

Comment on the given statement:

The given statement is not correct. The comparative financial statements imply the comparison between the current year and the previous year’s financial statements of the same company. Thus, it cannot be said that an audit report on comparative financial statements ordinarily compares current year financial statements of two or more companies with one another.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 17, Problem 1RQ

To determine

Provide the comment on the given statement.

Expert Solution & Answer

Explanation of Solution

Audit report:

The audit report is a written opinion of the auditor on the fair representation of the financial statements of the company. The audit report is prepared in a specific manner as mandated by the applicable financial reporting framework. It examines whether the company has followed the GAAP guidelines.

Comparative financial statements:

Financial statements usually represented through the comparative form for the current year as well as one or more previous years. Such financial statements are prepared based on the general purpose financial reporting framework.

Comment on the given statement:

The given statement is not correct. The comparative financial statements imply the comparison between the current year and the previous year’s financial statements of the same company. Thus, it cannot be said that an audit report on comparative financial statements ordinarily compares current year financial statements of two or more companies with one another.

Answer 6

Chapter 17, Problem 1RQ

To determine

Provide the comment on the given statement.

Expert Solution & Answer

Explanation of Solution

Audit report:

The audit report is a written opinion of the auditor on the fair representation of the financial statements of the company. The audit report is prepared in a specific manner as mandated by the applicable financial reporting framework. It examines whether the company has followed the GAAP guidelines.

Comparative financial statements:

Financial statements usually represented through the comparative form for the current year as well as one or more previous years. Such financial statements are prepared based on the general purpose financial reporting framework.

Comment on the given statement:

The given statement is not correct. The comparative financial statements imply the comparison between the current year and the previous year’s financial statements of the same company. Thus, it cannot be said that an audit report on comparative financial statements ordinarily compares current year financial statements of two or more companies with one another.

Answer 7

Chapter 17, Problem 1RQ

To determine

Provide the comment on the given statement.

Answer 8

Expert Solution & Answer

Explanation of Solution

Audit report:

The audit report is a written opinion of the auditor on the fair representation of the financial statements of the company. The audit report is prepared in a specific manner as mandated by the applicable financial reporting framework. It examines whether the company has followed the GAAP guidelines.

Comparative financial statements:

Financial statements usually represented through the comparative form for the current year as well as one or more previous years. Such financial statements are prepared based on the general purpose financial reporting framework.

Comment on the given statement:

The given statement is not correct. The comparative financial statements imply the comparison between the current year and the previous year’s financial statements of the same company. Thus, it cannot be said that an audit report on comparative financial statements ordinarily compares current year financial statements of two or more companies with one another.