Why should caution be exercised in the use of the income figure derived in an income statement?

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Why should caution be exercised in the use of the income figure derived in an income statement? What are the objectives of generally accepted accounting principles in their application to the income statement?

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Intermediate Accounting

ISBN: 978-0470423684

13th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield

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Question Posted: Dec 11, 2010 01:29 AM

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Why should caution be exercised in the use of the income figure derived in an income statement?

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Caution should be exercised because many assumptio...View the full answer

Intermediate Accounting

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