Gole, cpa, is engaged to review the year 2 financial statements of north co., a nonissuer. previously, gole audited north’s year 1 financial statements and expressed an unmodified opinion. gole decides to include a separate paragraph in the year 2 review report because north plans to present comparative financial statements for year 2 and year 1. this separate paragraph should indicate thata. no auditing procedures were performed after the date of the year 1 auditor's report. b. the year 1 auditor's report may no longer be relied on. c. the year 2 review report is intended solely for the information of management and the board of directors. d. there are justifiable reasons for changing the level of service from an audit to a review.

The federal reserve took an expansionary approach during the crisis. this was done by expanding the money supply and boosting liquidity. this can be seen in the fed's actions of lending to banks, purchasing securities, and lowering the federal funds rate in order to lower overall interest rates. the fed's goal was to increase consumer spending and overall liquidity within the system, and they pursued this by expanding the supply of liquid money.

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.