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17. What is the purpose of the management discussion and analysis (MDA)? 18. Why is it important for financial statements to receive an unqualified
17. What is the purpose of the management discussion and analysis (MD&A)? 18. Why is it important for financial statements to receive an unqualified auditor"s opinion? 19. What types of information are presented in the notes to the financial statements? 20. What purpose does the going concern assumption serve? 21. Sue Leonard is president of Better Books. She has no accounting background. Leonard cannot understand why market value is not used as the basis for accounting measurement and reporting. Explain what basis is used and why. 22. What is the importance of the economic entity assumption?
