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Which of the following is not a limitation of financial statements? O Financial statements report quantitative economic information, they do not reflect qualitative economic variables
Which of the following is not a limitation of financial statements? O Financial statements report quantitative economic information, they do not reflect qualitative economic variables O The cost principle requires assets to be recorded at their original cost; thus, the balance sheet does not generally reflect the fair values of most assets and liabilities O Net income from the income statement is added to the Retained Earnings account balance in the balance sheet O Estimates are used in many areas of accounting, when the estimate is made, about the only fact known is that the estimate is probably not equal to the true" amount
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