1 Substantial doubt about the entity's ability to continue as a going concern is measured as one year from The client's year end The date the financial statements are issued The date the financial statements are available to be issued The date the financial statements are issued or the date the financial statements are available to be issued 2 The going concern issue should be evaluated for all Annual financial statements Annual and quarterly financial statements Annual and interim financial statements Annual financial statements reflecting a net loss on the income statement 3 Examples of adverse conditions and events include Negative financial trends Default on loans Loss of a key franchise, license or patent All of the above 4 Examples of plans that management may implement to mitigate conditions and events that raise substantial doubt about an entity's ability to continue as a going concern include Plans to dispose of an asset or business Plans to borrow money or restructure debt Plans to increase bonuses to top management executives Both a and b above 5 If substantial doubt about an entity's ability to continue as a going concern is alleviated after consideration of management's plans, the financial statements should include A more favorable emphasis of matter paragraph with footnote disclosure concerning the conditions and events and management's plans Only footnote disclosure concerning the conditions and events and management's plans Neither an emphasis of matter paragraph nor footnote disclosure concerning the conditions and events and management's plans None of the above 6 The absence of any reference to substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time in an auditor's report Can be viewed as a guarantee of the entity's ability to continue as a going concern for a reasonable period of time Cannot be viewed as a guarantee of the entity's ability to continue as a going concern for a reasonable period of time Can be viewed as a guarantee of the entity's ability to continue as a going concern for a reasonable period of time in high technology industries only None of the above

Question

1  Substantial doubt about the entity's ability to continue as a going concern is measured as one year from  The client's year end  The date the financial statements are issued  The date the financial statements are available to be issued  The date the financial statements are issued or the date the financial statements are available to be issued  2  The going concern issue should be evaluated for all  Annual financial statements  Annual and quarterly financial statements  Annual and interim financial statements  Annual financial statements reflecting a net loss on the income statement  3  Examples of adverse conditions and events include  Negative financial trends  Default on loans  Loss of a key franchise, license or patent All of the above  4  Examples of plans that management may implement to mitigate conditions and events that raise substantial doubt about an entity's ability to continue as a going concern include  Plans to dispose of an asset or business  Plans to borrow money or restructure debt  Plans to increase bonuses to top management executives  Both a  and b  above  5  If substantial doubt about an entity's ability to continue as a going concern is alleviated after consideration of management's plans, the financial statements should include  A more favorable emphasis of matter paragraph with footnote disclosure concerning the conditions and events and management's plans  Only footnote disclosure concerning the conditions and events and management's plans  Neither an emphasis of matter paragraph nor footnote disclosure concerning the conditions and events and management's plans  None of the above  6  The absence of any reference to substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time in an auditor's report  Can be viewed as a guarantee of the entity's ability to continue as a going concern for a reasonable period of time  Cannot be viewed as a guarantee of the entity's ability to continue as a going concern for a reasonable period of time  Can be viewed as a guarantee of the entity's ability to continue as a going concern for a reasonable period of time in high technology industries only  None of the above

Accepted Answer

The Answer is in the image, click to view ...

	The client's year-end.
	The date the financial statements are issued.
	The date the financial statements are available to be issued.
	The date the financial statements are issued or the date the financial statements are available to be issued.

	Annual financial statements.
	Annual and quarterly financial statements.
	Annual and interim financial statements.
	Annual financial statements reflecting a net loss on the income statement.

	Negative financial trends.
	Default on loans.
	Loss of a key franchise, license or patent
	All of the above.

	Plans to dispose of an asset or business.
	Plans to borrow money or restructure debt.
	Plans to increase bonuses to top management executives.
	Both a. and b. above.

	A more favorable emphasis-of-matter paragraph with footnote disclosure concerning the conditions and events and management's plans.
	Only footnote disclosure concerning the conditions and events and management's plans.
	Neither an emphasis-of-matter paragraph nor footnote disclosure concerning the conditions and events and management's plans.
	None of the above.

Question

1. Substantial doubt about the entity's ability to continue as a going concern is measured as one year from: The client's year-end. The date the

Step by Step Solution

Step: 1

Get Instant Access to Expert-Tailored Solutions

Step: 2

Step: 3

Ace Your Homework with AI

Recommended Textbook for

Business Accounting An Introduction To Financial And Management Accounting

Students also viewed these Accounting questions

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

	Can be viewed as a guarantee of the entity's ability to continue as a going concern for a reasonable period of time.
	Cannot be viewed as a guarantee of the entity's ability to continue as a going concern for a reasonable period of time.
	Can be viewed as a guarantee of the entity's ability to continue as a going concern for a reasonable period of time in high-technology industries only.
	None of the above.