Limitations of financial statements, as discussed in the text, include
A) The statements are usually not the most timely source of information.
B) Financial statements focus on the information needed by owners, and not other users, such as workers.
C) Financial statements are often highly summarized.
D) All of the above

Question

Quizplus · Accepted Answer

All three options mentioned in the question are discussed as limitations of financial statements in the text. The statements are not always the most timely source of information, they focus on the needs of owners rather than other stakeholders like employees, and they are often highly summarized, making it difficult to get a complete picture of a company's financial situation.

Limitations of Financial Statements, as Discussed in the Text, Include