4. Noncurrent liabilities appear at the present value of expected cash flows discounted at an interest rate determined when the liability
arose, not at the current rate.
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Modify RemoveQuestion Under the Sarbanes-Oxley Act of 2002, financial statements must include both a Management Assessment and an Assurance Opinion.
What information do the Management Assessment and an Assurance Opinion provide to financial statement users?
Answer The Management Assessment makes explicit management’s responsibility for not only the financial statements but for the underlying
accounting and control system that generates the financial statements.
The Assurance Opinion is provided by the independent auditor and is included with the opinion on the fairness of the amounts reported in
the financial statements. The Assurance Opinion provides the auditor’s opinion on the effectiveness of the internal control system.
Question What are three activities reported in the statement of cash flows and what information does each activity provide?
Answer 1. Operating activities - Provides information on cash generated and used by a firm in its normal activities of selling goods and
providing services.
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