Question
1.A firm releases its quarterly financial statements within 30 days of the quarter-end. The demonstrated concept is timeliness, True or False? 2. Octopus Incs auditor
1.A firm releases its quarterly financial statements within 30 days of the quarter-end. The demonstrated concept is timeliness, True or False?
2. Octopus Incs auditor believes that the revenue recognition of Octopuss long-term contracts to be in violation of the new US GAAP standards. However, the amount of revenue that Octopus receives from long-term contracts are deemed to be an immaterial amount. What type of comment letter is the most likely outcome of Octopuss audit?
A. Qualified
B. Unqualified
C. Adverse
D. Disclaimer
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Intermediate Accounting
Authors: Earl K. Stice, James D. Stice
19th edition
1133957919, 978-1285632988, 1285632982, 978-0357691229, 978-1133957911
