Which of the following is NOT a limitation of the statement of financial position?
A. Many assets are reported at historical cost.
B. Judgments and estimates are used.
C. Only hard numbers are reported.
D. Disclosure of all pertinent information in the notes.
Answer:D
Which of the following is NOT a limitation of the statement of financial position?
A. Many assets are reported at historical cost. B. Judgments and estimates are used. C. Only hard numbers are reported. D. Disclosure of all pertinent information in the notes.