Hawally accounting 301 - Study guides, Class notes & Summaries

MULTIPLE CHOICE—Conceptual 1. Which of the following is a limitation of the statement of financial position? a. Many items that are of financial value are omitted. b. Judgments and estimates are used. c. Current fair value is not reported. d. All of these choices are correct. 2. Statement of financial position information is useful for all of the following except to a. compute rates of return b. analyze cash inflows and outflows for the period c. evaluate capital structure d. assess ...