PLEASE DO IT BY TPYE NOT PICS
QUESTION 1
From the following select ALL accounts that go into calculating Retained Earnings.
1.
Accounts Receivable
2.
Rent Expense
3.
Sales Revenue
4.
Dividends
5.
Accounts Payable
6.
Beginning Retained Earnings
7.
Common Stock
8.
Rent Payable
QUESTION 2
Which of the following is a nominal (temporary) account?
A.
Unearned Service Revenue
B.
Inventory
C.
Salaries and Wages Expense
D.
Retained Earnings
Audit Reports
Comp r ehensive Material Series Audit R eports 1) Explain why auditors’ reports are important to users of financial statements and why it is desirable to have standard wording. : Auditor's r eports a r e important to users of financial statements because they info r m users of the auditor's opinion as to whether or not the statements a r e fairly stated or whether no conclusion can be made with r ega r d to the fai r ness of their p r esentation . User s especiall y loo k fo r an y deviatio n f r o m th e wo r din g o f the standa r d unqualified r eport and the r easons and implications of such deviations. Having standa r d wo r ding imp r oves communications for the benefit of users of the auditor’s r eport. When the r e a r e departu r es f r om the standa r d wo r ding, users a r e mo r e li k e...
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