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Financial Accounting MCQs

Under US GAAP, what constitutes an audit?

An examination of the financial reports to ensure that they represent what they claim and conform with GAAP.

An examination of the financial reports to ensure that they represent what they claim and conform with USPAP.

To make sure that the company does not get in trouble with the PCAOB.

To ensure that management is not cheating shareholders.

Answer

Correct Answer: An examination of the financial reports to ensure that they represent what they claim and conform with GAAP.

Explanation:

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