When comparative financial statements are presented,the fourth standard of reporting,which refers to financial statements "taken as a whole," should be considered to apply to the financial statements of the
A) periods presented plus the one preceding period.
B) current period only.
C) current period and those of the other periods presented.
D) current and immediately preceding period only.

Question

Quizplus · Accepted Answer

The fourth standard of reporting, which refers to financial statements "taken as a whole," applies not only to the current period but also to the other periods presented in the comparative financial statements. Therefore, the best choice is C, current period and those of the other periods presented.

When Comparative Financial Statements Are Presented,the Fourth Standard of Reporting,which