An accountant may have conducted such a limited audit that she does not feel able to offer an opinion as to the accuracy of the client's financial statements. In such situations, the accountant may issue a(n) ________.
A. opinion letter
B. unaudited statement
C. disclaimer
D. qualified opinion
Answer: C
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Accountants should be aware that LIFO liquidations can potentially result in which of the following?
a. If older less costly layers are liquidated, a correspondingly lower cost of goods sold will result. b. If older less costly layers are liquidated, a correspondingly higher gross profit will result. c. If older less costly layers are liquidated, the company may be faced with higher taxes for those deferred in previous periods. d. All of these could result.
Explain open delivery term
What will be an ideal response?
Repatriation of profits occurs when:
a. an investing company pulls its earnings out of a foreign country and takes them back home. b. an investing company takes earnings out of its home country and invests it in the foreign country. c. the government takes the profits. d. there is an exclusive dealership.
Delia enters into, and fails to disaffirm soon after reaching the age of majority, a contract with Electronics Stores, Inc. (ESI). Later Delia attempts to disaffirm the contract. ESI files a suit against her. The court will most likely consider the contract ratified if it is
A. executed. B. exculpatory. C. disaffirmed. D. rescinded.