Which of the following is not a type of audit


1. The assumption that deals with when to recognize the costs associated with the revenue ecognized is

  • matching.
  • going concern.
  • consistency.
  • materiality.

2. The income statement summarizes

  • the profit for a specific period of time.
  • the annual profit.
  • the losses of the firm.
  • the profit over six months.

3. Which of the following is a false statement, as it relates to analysis?

  • If merchandise with a 20% markup is sold on credit, it would take ten successful sales of the same amount to make up for one sale not collected.
  • Equity capital provides creditors with a cushion against loss.
  • There is a difference between the objectives sought by short-term grantors of credit and those sought by long-term grantors of credit.
  • The financial structure of the entity is of interest to creditors.

4. Who is responsible for the preparation and the integrity of financial statements?

  • Cost accountant
  • Auditor
  • Management
  • Public accountant

5. Which of the following is not a type of audit opinion?

  • Unqualified opinion
  • Qualified opinion
  • Adverse opinion
  • Clean opinion

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Finance Basics: Which of the following is not a type of audit
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