Actual Stuff Flashcards
1
Q
A review of financial information gives _______ assurance
A
Limited
2
Q
Which three criteria can exempt firms from a statutory audit? How many must it meet?
A
Turnover:<10.2m
Total assets:< 5.1m
Number of employees: 50
2
3
Q
Current ratio?
A
Current assets : Current liabilities
4
Q
Quick ratio?
A
Receivables + current investments + cash : current liabilities
5
Q
Define analytical procedures
A
Evaluation of financial information through the study of plausible relationships among both financial and non-financial data
