Intermediate Accounting 14th Edition

Published by Wiley
ISBN 10: 0470587237
ISBN 13: 978-0-47058-723-2

Chapter 2 - Conceptual Framework for Financial Reporting - Exercises - Page 71: E2-2f

Answer

True.

Work Step by Step

When compiling general-purpose financial reports, the accountants implicitly assume that users have some degree of competence or a reasonable amount of finance and business know-how that will enable them to comprehend what is included in the reports.
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