Question: Answer the following questions, assuming that you have been asked to analyze a potential acquisition by your company: (a) Which long-term assets on its financial

Answer the following questions, assuming that you have been asked to analyze a potential acquisition by your company:
(a) Which long-term assets on its financial statements are the most likely to be misstated by their carrying amounts? Explain your reasoning.
(b) Is it possible that the company being considered for acquisition has some long-term assets that do not appear on its financial statements at all? Explain why or how this might occur.

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