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The company is in the airline leasing business. During the year, they changed depreciation methods, which did not have a material effect on depreciation expense.
The company is in the airline leasing business. During the year, they changed depreciation methods, which did not have a material effect on depreciation expense. They also extended the useful lives of their planes, which significantly decreased depreciation expense. Both changes are adequately disclosed. The auditor will most likely issue alan): Standard unmodified opinion Unmodified opinion with explanatory paragraph Unmodified opinion with changes in standard report wording. O Qualified opinion Disclaimer of opinion Adverse opinion Question 21 1 pts Because of increasing profits and inventory prices, the company changed from FIFO to LIFO inventory, which had a material effect on inventory and cost of sales. The change is adequately disclosed in the financial statements, and the auditor concurs with the change. The auditor will most likely issue aan): Standard unmodified opinion Unmodified opinion with explanatory paragraph Unimodified opinion with changes to standard report wording Qualified opion Disclaimer of opinion
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