Which of the Following Statements About Internal Reports Is Not

question 22

Multiple Choice

Which of the following statements about internal reports is not true?

• A) The content of internal reports may extend beyond the double-entry accounting system.
• B) Internal reports may show all amounts at market values.
• C) Internal reports may discuss prospective events.
• D) Most internal reports are summarized rather than detailed.

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Definitions:

Prior Period Adjustments

Corrections of errors in financial statements of previous periods or adjustments for changes in accounting policies.