A critic of accounting stated: The financial statements are virtually useless because firms have too much latitude

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A critic of accounting stated: "The financial statements are virtually useless because firms have too much latitude in selecting from among generally accepted accounting methods." Another critic of accounting reacted: "I agree that the financial statements are useless, but it is because firms have too little latitude in the way they account for


certain transactions under generally accepted accounting principles." Respond to these statements. LO1.

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