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Author Question: Forensic accountants often do not have access to the entire universe of relevant data. Indicate ... (Read 116 times)

kwoodring

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on: Jul 6, 2018
Forensic accountants often do not have access to the entire universe of relevant data.
 
  Indicate whether the statement is true or false

Question 2

Amounts shown on financial statements reflect current values.
 
  Indicate whether the statement is true or false


jsm54321

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Reply #1 on: Jul 6, 2018
Answer to Question 1

TRUE
Explanation: In most cases, forensic accountants do not have access to the entire universe of relevant data, nor the time and resources to analyze it all.

Answer to Question 2

FALSE
Explanation: In applying the cost principle, costs are measured objectively on a cash or cash-equivalent basis. In other words, amounts shown on financial statements reflect historical costs, not current values.


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