Suppose Hamilton Manufacturing Co. and Freeman Products, Ltd. have exactly the same reported net income for 2019. Would you be able to say confidently that their performance was identical in that year?

Briefly comment on how accounting practices affect the comparisons of performance between companies. In your answer, specifically comment on the accounting for uncollectible accounts, depreciation, and lower-of-cost-or-net-realizable-value valuation of inventory. (Hint: do judgment and estimation by accountants affect the amount of income that is reported in a given year? Explain.)