The nature of financial accounting is: a) Historical b) Forward looking c) Analytical d) Social

The nature of financial accounting is:  
a) Historical  
b) Forward looking  
c) Analytical  
d) Social
by

1 Answer

Answer :

a) Historical
by

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A basic premise underlying analytical procedures is that a. The study of financial ratios is an acceptable alternative to the investigation of unusual fluctuations. b. Plausible relationships among data may reasonably be expected to exist and continue in the absence of known conditions to the contrary. c. These procedures cannot replace tests of details of transactions and balances. d. Statistical tests of financial information may lead to the detection of material misstatements in the financial statements.

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