Financial statements include _______. Select one: a. a variety of items that cannot be measured precisely...
Financial statements include _______.
Select one:
a. a variety of items that cannot be measured precisely and must be estimated by the internal auditors
b. a variety of items that cannot be measured precisely and must be estimated by client management
c. a variety of items that can be measured precisely and should not be estimated by client management
d. a variety of items that can be measured precisely and must be estimated by client management
Homework Answers
Answer: option (b) is correct.
Explanation:
There are variety of items in the financial statements which requires management's estimates. For example : Allowances for doubtful debt , Provision for expenses, depreciation method etc.
Add Answer to:
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