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Accounting for Merchandising Activities
Debits and Credits (Double Entry Accounting)
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Qualified Audit Report

Qualified audit report is not a clean report (not good)- usually missing a material item/ disclosure.

- departure from GAAP in the statements is material to users and can be isolated

- A reservation paragraph is added after the scope paragraph to describe the departure from GAAP.

- “Except for” opinion with reference to reservation paragraph.

- Introductory and scope paragraphs are unchanged.

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