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MMLU / An accountant compiles the financial statements of a nonissuer and issues the…

Problem

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question

An accountant compiles the financial statements of a nonissuer and issues the standard compilation report. Although not specifically stated in this report, it is implied that

choices

  1. The accountant has not audited or reviewed the financial statements.
  2. Substantially all disclosures required by GAAP are included in the financial statements.
  3. The financial statements should not be used to obtain credit.
  4. The compilation is limited to presenting information that is the representation of management.

subject

professional_accounting

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