Question
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
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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Financial Accounting
Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin
5th Canadian edition
133472264, 978-0133446265, 133446263, 978-0133472264
