Financial statements include _______.
A)a variety of items that cannot be measured precisely and must be estimated by client management
B)a variety of items that can be measured precisely and must be estimated by client management
C)a variety of items that cannot be measured precisely and must be estimated by the internal auditors
D)a variety of items that can be measured precisely and should not be estimated by client management

Question

Quizplus · Accepted Answer

Financial statements often include estimates for items that cannot be measured precisely, such as allowances for doubtful accounts or depreciation of assets. These estimates are made by client management based on their judgment and available information.

Financial Statements Include _______