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A limitation of the balance sheet that is not also a limitation of the income statement...

A limitation of the balance sheet that is not also a limitation of the income statement is Select one: a. None of these. b. the numbers are affected by the accounting methods employed c. the use of judgments and estimates d. omitted items e. valuation of items at historical cost

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Answer #1

answer:

  • option( e ) is correct answer (valuation of items at historical cost)

just small normal explanation as the below:

  • There are three essential constraints to asset reports, including the way that they are recorded at chronicled cost, the utilization of assessments, and the exclusion of profitable things, for example, insight.
  • Settled resources are appeared to be decided sheet at verifiable cost less deterioration breakthrough.
  • One of the confinements of the wage proclamation is that salary is accounted for dependent on bookkeeping rules and regularly does not reflect money evolving hands.
  • This could be because of the coordinating standard, which is the bookkeeping rule that expects costs to be coordinated to incomes and detailed in the meantime.
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