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Question: Negative Assurance in Review Reports. One portion of the report on a review services engagement is the following: "Based on my review, I am not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with generally accepted accounting principles [or another framework for financial reporting]."
Required: a. Is this paragraph a "negative assurance" given by the accountants?
b. Why is negative assurance generally prohibited in audit reports?
c. What justification is there for permitting negative assurance in a review services report on unaudited financial statements and on interim financial information?
The company's net income for the year was $12,000 higher under variable costing than under absorption costing. Given these facts, the number of units of product in inventory at the beginning of the year must have been:
Compute the amount and percentage changes in 2013 using horizontal analysis, assuming 2012 is the base year.
A student remarks: "It doesn't make sense that intermediate goods are not counted in GDP. A computer chip is an intermediate good, and without it a PC won't work. So why don't we count the computer chip in GDP?" Provide an answer for the student's..
dresser companys weekly payroll paid on fridays totals 6200. employees work a 5-day week. prepare dressers adjusting
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a review of selected financial activities of viscontis during 20xx disclosed the following121borrowed 20000 from the
in 2012 gurney construction company agreed to construct an apartment building at a price of 1200000. the information
a. three-fourths of the work related to 13000 cash recieved in advance is performed this period.b. wages of 8000 are
you are considering a project with an initial cost of 7500. what is the payback period for this project if the cash
the following data relate to factory overhead cost for the production of 4000 computers actual variable factory
dollar amounts in thousands except per share data 2018 2017 2016 2015 2014 2013net sales 2018244524 2017217799
Canoe Company uses a job order cost accounting system and allocates its overhead on the basis of direct labor costs. Canoe Company's production costs for the year were: direct labor, $30,000; direct materials, $50,000; and factory overhead applied..
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