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Figures and amounts disclosed in the financial statements of companies are not exact and absolute amounts representing companies assets and liabilities; revenues and expenses; gain

Figures and amounts disclosed in the financial statements of companies are not exact and absolute amounts representing companies assets and liabilities; revenues and expenses; gain and losses, and cash flows.

Discussed the above statement in the context of revenue recognition. State whether you agree or disagree with the above statement. Include in your discussion examples and illustrations to clearly support and justify your arguments.

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