Question

Management has decided to change the estimated useful life of a machinery but fails to disclose...

Management has decided to change the estimated useful life of a machinery but fails to disclose this change in the financial statements. This violation of GAAP can cause the information to be misleading because it lacks

Multiple Choice

  • Confirmatory value

  • Timeliness

  • Neutrality

  • Completeness

Business   Accounting   
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Answer #1

Ans is:-

Completeness

Reason:- All information in financial statements is not presenting the true and fair value.

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