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

Question

Quizplus · Accepted Answer

The statement of financial position does include disclosures of pertinent information in the notes, which is not a limitation. The other options are limitations because they affect the accuracy and relevance of the financial information presented.

Which of the Following Is NOT a Limitation of the Statement