BUSINESS ADMINISTRATION
BUSINESS LAW
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
omits important information about a material fact
|
|
|
is made false by subsequent events
|
|
|
both a and b
|
|
|
none of these
|
Detailed explanation-1: -Auditors are required to express an opinion on the financial statements as a whole. This includes the notes to the financial statements which are an integral part of the accounts, providing additional information on balances and transactions and other relevant information.
Detailed explanation-2: -Company Financial Statements Disclosure The information required to be disclosed in company financial statements is: Names of the transacting related parties. Description of the relationship between the parties. Description of the transactions. The amounts involved.
Detailed explanation-3: -Disclosure means providing useful data to those who need it. In financial reports, disclosure means that financial reports must contain sufficient information and explanations about the results of a business unit‘s activities.