An art dealer bought a canvas signed Picasso and traveled all the way to Cannes to discover
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A few months later, the dealer bought another canvas signed “Picasso.” Again he traveled to Cannes, and again Picasso, after a single glance, grunted: “It’s a fake.”
“But cher maitre,” expostulated the dealer, “it so happens that I saw you with my own eyes working on this very picture several years ago.” Picasso shrugged: “I often paint fakes.”
Required
a. Assume that the accounting report was prepared using generally accepted accounting principles. Does this imply that the report is exactly accurate? Discuss.
b. In your opinion, do accountants paint fakes? Discuss.
Dealer
A dealer in the securities market is an individual or firm who stands ready and willing to buy a security for its own account (at its bid price) or sell from its own account (at its ask price). A dealer seeks to profit from the spread between the...
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Related Book For
Financial Reporting and Analysis Using Financial Accounting Information
ISBN: 978-1439080603
12th Edition
Authors: Charles H Gibson
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