One criticism not normally aimed at a balance sheet prepared using current accounting and reporting standards is
A) failure to reflect current value information.
B) the extensive use of separate classifications.
C) an extensive use of estimates.
D) failure to include items of financial value that cannot be recorded objectively.

Question

Quizplus · Accepted Answer

The balance sheet, as prepared using current accounting and reporting standards, is often criticized for not reflecting current value information (A), using estimates extensively (C), and not including items of financial value that cannot be recorded objectively (D). However, it is not typically criticized for having extensive use of separate classifications (B), as these classifications are part of the structured approach to present financial information clearly and are generally seen as beneficial for understanding a company's financial position.

One Criticism Not Normally Aimed at a Balance Sheet Prepared