Management must ensure that the information contained in financial statements is presented in such a way that the statements can be understood only by:
A) the financially literate
B) accounting professionals
C) customers and employees
D) None of the above. Everyone should be able to understand financial statements

Question

Quizplus · Accepted Answer

Financial statements are typically prepared with the assumption that the users have a reasonable level of financial literacy to understand them.

Management Must Ensure That the Information Contained in Financial Statements