The Use of Financial Statements for Predicting Future Earnings and Cash

question 83

Multiple Choice

The use of financial statements for predicting future earnings and cash flows is limited due to

• A)management bias, lack of forward-looking information, and certain inherent limitations.
• B)lack of judgment, management bias, and lack of inclusion of inflationary effects.
• C)lack of forward and backward-looking information.
• D)lack of backward-looking information, the likelihood of management bias, and the omission of historical costs.

Understand the role and types of accountants, including management and government accountants.

Recognize the importance of financial information publication by not-for-profit organizations.

Identify the components and significance of a firm's balance sheet and its relation to financial positioning.

Understand the preparation and utility of cash budgets in financial planning.

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