Generally, in comparison to a donee beneficiary, a creditor beneficiary has
a. about the same legal rights.
b. substantially greater rights.
c. substantially fewer legal rights.
d. virtually no legal rights.
a
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The auditor's report is where the auditor certifies that the financial statements are correct and accurate
a. True b. False Indicate whether the statement is true or false
Gentech Corp prepared a bank reconciliation as of June 30, 2016 . The following items were identified: Gentech's bank balance $14,300 Deposits in transit $1,000 Outstanding checks 1,300 Bank service charges 50 Customer's NSF check returned by the bank 150 Gentech's adjusted cash balance at June 30, 2016 is
a. $13,800 b. $14,100 c. $14,000 d. $14,300
Types of Audit Opinions A CPA has completed an audit of the financial statements of a long-haul trucking company for the year ended December 31, 2014 . Prior to 2014, the company depreciated its trucks over 10 years. However, during 2014, the company
determined that a more realistic estimated life for its trucks was 8 years and computed the 2014 depreciation on the basis of the revised estimate. The CPA is satisfied that the 8 year estimate is reasonable, but the change will have a material effect on the comparability of the company's financial statements. The company adequately disclosed the change in estimated useful lives of its trucks and the effect of the change on 2014 income in a note to the financial statements. REQUIRED: Which type of audit report would you suggest be issued on the 2014 financial statements and why?
The general ledger is the basic storage unit for accounting data and is used to accumulate amounts from similar transactions
Indicate whether the statement is true or false