Wilson has prepared personal financial statements in which her assets are valued at her historical cost, less

Question:

Wilson has prepared personal in which her assets are valued at her historical cost, less appropriate depreciation. Is this presentation in conformity with generally accepted accounting principles? Can a public accounting firm audit these statements and issue a standard unmodified opinion?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...