Asked by Stacey Nolasco on Jun 12, 2024

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A(n) ________ opinion is a qualified opinion by an auditor that indicates that the financial statements are an accurate reflection of the company's financial health apart from some minor deviation from GAAP,not serious enough to warrant an adverse opinion.

A) "except for"
B) "unless"
C) "adverse"
D) "indeterminate"

Qualified Opinion

An auditor's statement issued when they have reservations about aspects of the financial statements of a company.

Financial Statements

Documents that provide an overview of a company's financial condition, including balance sheets, income statements, and cash flow statements.

GAAP

Generally Accepted Accounting Principles; a set of accounting standards and practices used for financial reporting in the U.S.

  • Comprehend the meaning and implications of different types of audit opinions.
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JK
Janice KeungJun 14, 2024
Final Answer :
A
Explanation :
An "except for" opinion is a qualified opinion given by an auditor when the financial statements are an accurate reflection of the company's financial health except for some minor deviation from generally accepted accounting principles (GAAP) that are not serious enough to warrant an adverse opinion.