Question

1. Which is least likely?

a) A service that is not assurance service, but is an attest service

b) An assurance service that is also an attest service

c) A historical financial statement-related assurance service

d) A nonhistorical financial information-related assurance service

2. Which of the following is not basic type attestation engagement?

a) Compilation

b) Agreed upon procedure

c) Examination

d) Review

3. Prospective Financial Statements that present results given one or more hypothetically a?

a) Financial Projection

b) Financial Forecast

c) Agreed Upon Procedure

d) Compilation

4. Prospective financial Statements that present an entity’s expected financial position flows for one or more future period is referred to as a (an)?

a) Financial projection

b)Compilation

c) Agreed upon procedure

d)Financial forecast

5. What is the unique reporting aspect about the CPA’s required review of the quarterly entities:

a) An option of internal control is required.

b) The CPA must express positive assurance that the financial statements are priority

c) Confirmations of accounts receivable and accounts payable are required

d) Summary financial statements (condensed statements) can be used instead

Answer 1

1. The  least likely is : a service that is not an assurance service, but is an attest service.

2. Compilation is not basic type attestation engagement.

3. Prospective Financial Statements that present results given one or more hypothetically a Financial Projection.

4. Prospective financial Statements that present an entity’s expected financial position flows for one or more future period is referred to as a (an) Financial forecast.

5. "The CPA must express positive assurance that the financial statements are priority" is the unique reporting aspect about the CPA’s required review of the quarterly entities