Financial accounting data has some inherent limitations to investors. Which of the following are examples of limitation? I. Not all economic events are easily quantifiable. II. Many accounting entries rely heavily on estimates. III. Historical costs do not accurately reflect the true value of firms. IV. Inflation can distort analysis of accounting data.

a.

I, II, III

b.

I, III, IV

c.

II, III, IV

d.

I, II, III, IV