A dual opinion on special purpose frameworks and GAAP would be required if the financial statements were prepared on which of the following frameworks? I. Income tax basis II. Cash basis A. I only B. II only C. Both I and II D. Neither I nor II

Question and answer

A dual opinion on special purpose frameworks and GAAP would be required if the financial statements were prepared on: Neither Income tax nor Cash basis. A dual opinion would apply only to financial statements prepared on a regulatory basis that are intended for general use.

Question|Asked by Backspace098q

Asked 15 days ago|6/3/2025 5:35:29 AM

Updated 7 days ago|6/10/2025 10:25:08 AM

3 Answers/Comments

Get an answer

Search for an answer or ask Weegy.

New answers

Rating

Greygrey

A dual opinion on special purpose frameworks and GAAP would be required if the financial statements were prepared on the following frameworks: Both I and II (Income tax basis and Cash basis).

Added 14 days ago|6/3/2025 5:57:17 AM

This answer has been flagged as incorrect.

Flagged by matahari [6/10/2025 10:23:56 AM]

matahari

A dual opinion on special purpose frameworks and GAAP would be required if the financial statements were prepared on: Neither Income tax nor Cash basis.
A dual opinion would apply only to financial statements prepared on a regulatory basis that are intended for general use.

Added 7 days ago|6/10/2025 10:25:08 AM

This answer has been confirmed as correct and helpful.

zabloninzagi

A dual opinion on special purpose frameworks and GAAP would be required if the financial statements were prepared on Both I and II (Income tax basis AND Cash basis).

Added 14 days ago|6/3/2025 5:58:07 AM

This answer has been flagged as incorrect.

Confirmed by oldwallet [6/3/2025 6:48:32 AM], Flagged by matahari [6/10/2025 10:23:57 AM]

Comments

There are no comments.

Add an answer or comment

Questions asked by Backspace098q

Which of the following is an input control designed to ensure the reliability and accuracy of data? Limit Test Validity Check Test A. Yes Yes B. Yes No C. No Yes D. No No

Weegy: A Yes, Yes - Limit Test Validity, Check Test, is an input control designed to ensure the reliability and accuracy of data. User: An auditor decides to use the blank form of accounts receivable confirmation. The auditor should be aware that the blank form may be less efficient because A. It does not provide positive third-party confirmation of account balances. B. It is more likely to require a reconciliation of responses with client information. C. It is not as reliable as other forms of account confirmations. D. It is more difficult to prepare. Weegy: An auditor decides to use the blank form of accounts receivable confirmation. The auditor should be aware that the blank form may be less efficient because It is more likely to require a reconciliation of responses with client information. [ ] (More)

Question|Asked by Backspace098q

Expert Answered

Updated 15 days ago|6/2/2025 5:47:07 PM

0 Answers/Comments

An auditor’s objective in the performance of audit procedures is to obtain evidence that either supports or refutes management assertions. Which of the following is an action designed to achieve this objective? A. Comparing financial and nonfinancial data. B. Developing and maintaining a system of quality control. C. Preparing adequate and appropriate documentation. D. Increasing the desired level of detection risk.

(More)

Question|Asked by Backspace098q

Not Answered

Updated 15 days ago|6/2/2025 5:55:38 PM

1 Answer/Comment

emdjay23

An auditor's objective in the performance of audit procedures is to obtain evidence that either supports or refutes management assertions. The following is an action designed to achieve this objective: Comparing financial and nonfinancial data.

Added 15 days ago|6/2/2025 5:55:38 PM

This answer has been confirmed as correct and helpful.

The controller of a small utility company has interviewed audit firms proposing to perform the annual audit of their employee benefit plan. According to the guidelines of the Department of Labor (DOL), the selected auditor must be A. The firm that proposes the lowest fee for the work required. B. Independent for purposes of examining financial information required to be filed annually with the DOL. C. Included on the list of firms approved by the DOL. D. Independent of the utility company ...

Weegy: The controller of a small utility company has interviewed audit firms proposing to perform the annual audit of their employee benefit plan. [ According to the guidelines of the Department of Labor (DOL), the selected auditor must be Independent for purposes of examining financial information required to be filed annually with the DOL. ] (More)

Question|Asked by Backspace098q

Expert Answered

Asked 15 days ago|6/2/2025 5:41:22 PM

0 Answers/Comments

Which of the following is the annual report that is filed with the United States Securities and Exchange Commission? A. Form 8-K. B. Form 10-K. C. Form S-1. D. Form 10-Q.

Weegy: Form 10-K is the annual report that is filed with the United States Securities and Exchange Commission. (More)

Question|Asked by Backspace098q

Expert Answered

Updated 15 days ago|6/2/2025 6:06:01 PM

0 Answers/Comments

What is the purpose of reporting comprehensive income? A. To summarize all changes in equity from nonowner sources. B. To reconcile the difference between net income and cash flows provided from operating activities. C. To provide a consolidation of the income of the firm’s segments. D. To provide information for each segment of the business.

Weegy: The purpose of reporting comprehensive income is To summarize all changes in equity from nonowner sources. (More)