1.Who has the responsibility of ensuring that a company's financial statements are accurate?

The external auditor

None of the other alternatives are correct

Shareholders

The accounting department including the Accounts Receivables clerk and Accounts Payable clerk

The internal auditor

2.Which of the following statements is correct?

In an accounting world ruled by reliability we would be producing market value financial statements only

Reliability and relevance are conflicting objectives in designing an accounting system

Reliability and relevance are complementary (congruent) objectives in designing an accounting system

None of the above are correct statements

In an accounting world ruled by relevance, we would be producing historical cost financial statements only