Kobyashi moru reports its inventory fixed assets, Ask an Expert

Accounting

Kobyashi Moru reports its inventory, fixed assets, depreciation and cost of goods sold on a current value basis (fair market value on the date of the financial statements).

Such accounting violates the cost principle of US GAAP. There is a disclosure of the pertinent facts stating this in a footnote on the key financial statements.
Prepare the following paragraphs that include the appropriate language.

A qualified opinion
An adverse opinion

need to write a qualified opinion paragraph and an adverse opinion paragrah with the information above. Having trouble finding the proper wording.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797719

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