Business, 16.09.2019 23:30 leilaelmazry

Balance sheet current assets current liabilities summary of significant accounting policies subsequent events unqualified opinion qualified opinion intangible asset
a. scope limitation or a departure from gaap
b. an organized array of assets, liabilities, and equity
c. the statements are presented fairly in conformity with gaap
d. items expected to be converted to cash or consumed within one year or the operating cycle whichever is longer
e. will be satisfied through the use of current assets
f. occurs after the fiscal year-end but before the statements are issued.
g. important to a user in comparing financial information across companies.
h. lacks physical substance

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Answer from: daedae11142

a. Scope limitation or a departure from GAAP = Qualified Opinion

b. An organized array of assets, liabilities, and equity = Balance Sheet

c. The statements are presented fairly in conformity with GAAP = Unqualified Opinion

d. Items expected to be converted to cash or consumed within one year or the operating cycle whichever is longer = Current assets

e. Will be satisfied through the use of current assets = Current Liabilities

f. Occurs after the fiscal year-end but before the statements are issued. = Subsequent Events

g. Important to a user in comparing financial information across companies. = Summary of Significant Accounting Policies

h. Lacks physical substance = Intangible Asset

Explanation:

a. If there is any difference in presentation or preparation of financial statements, not in conformity with GAAP then , it will get qualified opinion.

b. Balance sheet states the balance of assets, stockholder's equity and liabilities on a particular day.

c. Unqualified opinion means a opinion by auditor which states that financial statements are true and fair.

d. Current assets are short term generally for a period less than a year, or operating cycle period, and will be converted into cash within that period.

e. Current liabilities will be settled through current assets.

f. Subsequent events are those which are held after balance sheet date, but before preparation of financial statements.

g. Summary of significant accounting policies is required to interpret the financial results and for clear understanding.

h. An intangible asset is the one which can not be touched but, is a mere certificate, or license or anything like that, as will increase assets but could not be seen.

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