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Identify Each Information to Its Accounting Document(s) That Would Always

Question 104

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Identify each information to its accounting document(s) that would always provide it, Some items may require more than one answer.

Premises:
Represents that the financial statements are stated fairly, in all material respects
Indicates that financial statements were prepared in conformity with GAAP
Contains assets, liabilities, and equity, as well as income from operations
Explains certain items on the balance sheet
An acceptance of responsibility of financial information provided
Responses:
Auditor’s report
Management letter
Financial statements
Footnotes

Correct Answer:

Represents that the financial statements are stated fairly, in all material respects
Indicates that financial statements were prepared in conformity with GAAP
Contains assets, liabilities, and equity, as well as income from operations
Explains certain items on the balance sheet
An acceptance of responsibility of financial information provided
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