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all statements are true B. all statements are false C. S1 and S2 are true D. S1 and S3 are true

all statements are true B. all statements are false C. S1 and S2 are true D. S1 and S3 are true

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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S1: The concept of reasonable assurance recognizes that the cost of internal control should not exceed the benefits expected to be derived. S2: Absolute assurance is probably not possible because of the limitations in internal control such as human factor and projection risk. S3: An overly aggressive management that gives too much emphasis on meeting or even exceeding operating goals may be willing to enter into high-risk dealings or activities with the expectation of high returns. 

A. all statements are true

B. all statements are false

C. S1 and S2 are true

D. S1 and S3 are true

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