1.. In general the independent auditor can give 4 types of opinion on a companie

ID: 2743199 • Letter: 1

Question

1.. In general the independent auditor can give 4 types of opinion on a companies financial statements. Those 4 types are:

A.. Unqualified, Qualified, Adverse, Disclaimer.

B.. Unqualified, Qualified, Rejection, Adverse.

C.. Qualified, Favorable, Adverse, Disclaimer.

D.. None of the above.

2.. The independent auditor is required to give an opinion on the following:

A.. Income Statement.

B.. Balance Sheet.

C.. internal Controls.

D.. Only A and B.

E.. A, B, and C.

3.. The Allowance For Doubtful Accounts is what type of account?

A.. An asset account.

B.. A liability account.

C.. A contra asset account.

D.. An equity account.

4.. During times of inflation what inventory method will yield the highest net income?
A. FIFO.

B.. Weighted average.

C.. LIFO.

5.. During a time of inflation which inventory method will yield the highest Cost of Goods Sold?

A.. FIFO.

B.. Weighted average.

C. LIFO.

D.. None of the above.

1)A

2)E

3)B

4)A

5)C

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