Which of the following is not one of the four basic financial statements?

statement of changes in financial position More test answers on https://studyhippo.com/acc-ii-1/

Describe and illustrate the basic financial statements and how they interrelate.

The principal financial statements of a corporation are the income statement, the retained earnings statement, the balance sheet, and the statement of cash flows. The income statement reports a period’s net income or net loss, which also appears on the retained earnings statement. The ending retained earnings reported on the retained earnings statement is also reported on the balance sheet. The ending cash balance is reported on the balance sheet and the statement of cash flows. More test answers on https://studyhippo.com/ba-215-ch1/

the annual report provides these four basic financial statements:

balance sheet, income statement, statement of cash flows, the statement of stock holders equity More test answers on https://studyhippo.com/chapter-3-business-finance/

Four basic financial statements that hospitals prepare for external users?

5. Four basic financial statements that hospitals prepare for external users: a. Consolidated balance sheet b. Statement of changes in equity c. Statement of cash flows d. Statement of operations. More test answers on https://studyhippo.com/finance-test-2-56914/

basic financial statements include all of the following but

statement of changes in assets More test answers on https://studyhippo.com/accounting-1/

four basic financial statements

balance sheet, income statement, statement of stockholder’s equity, and statement of cash flows More test answers on https://studyhippo.com/accounting-test-unit-1/

The statement of cash flows is not one of the basic financial statements.

False More test answers on https://studyhippo.com/acc-ii-1/

The fourth standard of reporting requires the auditor’s report to contain either an expression of opinion regarding the financial statements taken as a whole or an assertion to the effect that an opinion cannot be expressed. The objective of the fourth standard is to prevent: a. An auditor from expressing different opinions on each of the basic financial statements. b. Restrictions on the scope of the audit, whether imposed by the client or by the inability to obtain evidence. c. Misinterpretations regarding the degree of responsibility the auditor is assuming. d. An auditor from reporting on one basic financial statement and not the others.

C: the objective of the fourth reporting standard is to prevent any misinterpretation of the degree of responsibility the auditor assumes when his or her name is associated with financial statements More test answers on https://studyhippo.com/audit-section-1-questions/

2. Harris, CPA, has been asked to audit and report on the balance sheet of Fox Co” but not on the statements of income, retained earnings, or cash flows. Harris will have access to all information underlying the basic financial statements. Under these circumstances, Harris may: a. Not accept the engagement because it would constitute a violation of the profession’s ethical standards. b. Not accept the engagement because it would be tantamount to rendering a piecemeal opinion. c. Accept the engagement because such engagements merely involve limited reporting objectives. d. Accept the engagement but should disclaim an opinion because of an inability to apply the procedures considered necessary.

C) an auditor may express an opinion on one financial statements, such as a balance sheet, and not on other related financial statements, provided that the auditor’s procedures and access to all information underlying the basic financial statements have been restricted. More test answers on https://studyhippo.com/audit-section-1-questions/

What is an auditor’s responsibility for supplementary information, such as the disclosure of pension information, which is outside the basic financial statements but required by the GASB? a. The auditor should apply substantive tests of transactions to the supplementary information and verify its conformity with the GASB requirement. b. The auditor should apply certain limited procedures to the supplementary information and add an explanatory paragraph to the financial statement audit report. c. The auditor’s only responsibility for the supplementary information is to determine that such information has not been omitted. d. The auditor has no responsibility for such supplementary information as iong as it is outside the basic financial statements.

The auditor should perform limited procedures on supplementary information accompanying the financial statements. In addition the auditor’s report on the financial statements should include an explanatory paragraph regarding the required supplementary information. More test answers on https://studyhippo.com/audit-section-1-questions/

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