financial statements are presented for 1997, the current year, and the four preceding years, 1993, 1994, 1995 and 1996. The auditor's report covers all five of these years and does not mention consistency. The auditor's report implies consistent application of accounting principles for A. 1997 and 1996 only B. 1997 and 1996, and 1995 only C. 1997, 1996, 1995, 1994, 1993, and 1992 D. 1997, 1996, 1995, 1994, and 1993
financial statements are presented for 1997, the current year, and the four preceding years, 1993, 1994, 1995 and 1996. The auditor's report covers all five of these years and does not mention consistency. The auditor's report implies consistent application of accounting principles for A. 1997 and 1996 only B. 1997 and 1996, and 1995 only C. 1997, 1996, 1995, 1994, 1993, and 1992 D. 1997, 1996, 1995, 1994, and 1993
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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financial statements are presented for 1997, the current year, and the four preceding years, 1993, 1994, 1995 and 1996. The auditor's report covers all five of these years and does not mention consistency. The auditor's report implies consistent application of accounting principles for
A. 1997 and 1996 only
B. 1997 and 1996, and 1995 only
C. 1997, 1996, 1995, 1994, 1993, and 1992
D. 1997, 1996, 1995, 1994, and 1993
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