Which of the following statements relating to the role of professional judgment in the financial reporting process are valid?
A) Different accountants may evaluate similar situations differently.
B) The determination of which items should be disclosed in notes to financial statements requires professional judgment.
C) Once a complete list of generally accepted accounting principles is prepared, judgment need no longer enter into the financial reporting process.
D) The possibility always exists that professional judgment later may prove to have been incorrect.

Question

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The Answer of Which of the following statements relating to the role of professional judgment in the financial reporting process are valid?
A) Different accountants may evaluate similar situations differently.
B) The determination of which items should be disclosed in notes to financial statements requires professional judgment.
C) Once a complete list of generally accepted accounting principles is prepared, judgment need no longer enter into the financial reporting process.
D) The possibility always exists that professional judgment later may prove to have been incorrect.

Which of the Following Statements Relating to the Role of Professional