Audit risk
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Risk the auditor gives a clean opinion on financial statements
Local Tax
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taxes imposed by local governments (cities, counties, school districts, etc.).
Audit opinion
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provides reasonable assurance about whether the financial statements are
fairly stated in accordance with GAAP
Accrual Basis (GAAP)
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-records transactions in the period in which the events actually occurred,
not when cash changes hands
Generally Accepted Accounting Principles (GAAP)
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-The accounting standard that companies based in the US are required to
use
-Standards give the statements credibility and allow reports of different
companies to be comparable
-Responsibility of the Financial Accounting Standards Board (FASB)
Give this one a try later!
Risk the auditor gives a clean opinion on financial statements
Local Tax
, Give this one a try later!
taxes imposed by local governments (cities, counties, school districts, etc.).
Audit opinion
Give this one a try later!
provides reasonable assurance about whether the financial statements are
fairly stated in accordance with GAAP
Accrual Basis (GAAP)
Give this one a try later!
-records transactions in the period in which the events actually occurred,
not when cash changes hands
Generally Accepted Accounting Principles (GAAP)
Give this one a try later!
-The accounting standard that companies based in the US are required to
use
-Standards give the statements credibility and allow reports of different
companies to be comparable
-Responsibility of the Financial Accounting Standards Board (FASB)
