Methods of financial statements analysis are most effectively applied together in a reiterative (rather than sequential) process.

True/False

Financial statements rarely, if ever, represent economic reality

True/False

Operational freedom and reporting freedom are held in check by the principle of materiality.

True/False

Internal and external comparisons, made during financial statement analysis, can reveal unexpected relationships or the absence of expected relationships.

True/False

Amounts shown on financial statements reflect current values.

True/False