QUESTION: 81

The accountant express limited assurance in___________ that there are no material modifications that should be made to the statements in order for them to be in conformity with generally accepted accounting principles.

Reviewed statements
Audited statements
Compiled statements
Financial statements

Answer(s): A

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QUESTION: 82

It is important to point out that___________ of the business can have an impact on the valuation conclusions, especially when it comes to partnership and limited liability companies.

Interim statements
Financial Schedule
The importance of seasonality to the subject company
A different legal status

Answer(s): D

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QUESTION: 83

Several factors influence___________ , particularly:
1. The proximity of the valuation date to the fiscal year-end
2. The quality of the interim statements
3. The importance of seasonality to the subject company
4. The extent to which information in interim statements is likely to affect the affect the conclusion

Usefulness of interim statements
Financial schedules
Federal tax returns
Audited statements

Answer(s): A

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QUESTION: 84

The purpose/s of requesting financial information, in the valuation process, regarding equipment lists, aged receivables, aged payables and prepaid expenses is/are:

To give the analyst familiarity with the accounting policies of the company
To alert the analyst to special situations that could affect the valuation
such information may assist in distinguishing excess invested capital
Both A and B

Answer(s): D

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QUESTION: 81

QUESTION: 82

QUESTION: 83

QUESTION: 84