Indicate whether each statement is true or false. If the statement is false, provide a brief explanation of why it is false. 1. A disclosed basis of accounting is GAAP.

Indicate whether each statement is true or false. If the statement is false, provide a brief explanation of why it is false.

1. A disclosed basis of accounting is GAAP.

2. An audit opinion can be provided on a disclosed basis of accounting.

3. A disclosed basis of accounting is used to provide more useful information for the users.

4. Note disclosure is required if a disclosed basis of accounting is used.

5. A public company can use a disclosed basis of accounting.

Solutions

Expert Solution

False

1. A disclosed basis of accounting is GAAP. DBA is an alternative to GAAP financial statements. DBA is not considered to be GAAP.

True

2. An audit opinion can be provided on a disclosed basis of accounting.

True

3. A disclosed basis of accounting is used to provide more useful information for the users.

True

4. Note disclosure is required if a disclosed basis of accounting is used.

False

5. A public company can use a disclosed basis of accounting. Public company is required to use IFRS. They cannot use DBA.

False 1.

True 2.

True 3.

True 4.

False 5.

Junaid answered 7 months ago

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