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Posted: September 7th, 2024

Which of the following statements relating to the role of professional judgment

8. Which of the following statements relating to the role of professional judgment in the financial reporting process is (are) true?a. Different accountants may evaluate similar situations differently.b. The determination of which items should be disclosed in notes to financial statements requires professional judgment.c. Once a complete list of generally accepted accounting principles is prepared, judgment by accountants will no longer enter into the financial reporting process.d. The possibility exists that professional judgment later may prove to have been incorrect.

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