Asked by Victoria Matthews Medina on May 11, 2024
Verified
If no, or insubstantial, accounting procedures were used in the compilation of the document, a financial statement is considered ________.
A) Audited
B) Unaudited
C) Unqualified
D) Qualified
E) Generally accepted
Unaudited
Referring to financial statements or accounts that have not undergone formal examination and verification by an auditor.
Financial Statement
Documents that provide an overview of a company's financial condition, including balance sheets, income statements, and cash flow statements.
- Comprehend the legal responsibilities and accountabilities of accountants within their professional capacities.
Verified Answer
VH
Vanessa HowardMay 14, 2024
Final Answer :
B
Explanation :
If no, or insubstantial, accounting procedures were used in the compilation of a document, the financial statement is considered unaudited. This means it has not undergone the formal process of examination and verification by an independent auditor.
Learning Objectives
- Comprehend the legal responsibilities and accountabilities of accountants within their professional capacities.
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