What is the main problem in determining accuracy in accounting?
A)The measurement is not reliable
B)The measurement does not give precise results
C)The true value of the measurement is not known
D)There is no repetition of operations in the measurement

Question

Quizplus · Accepted Answer

The main problem in determining accuracy in accounting is that the true value of the measurement is not known. This is because accounting involves the use of estimates and judgments, and there may be subjective factors that influence the selection of accounting methods and assumptions. As a result, there is always some degree of uncertainty in the reported financial results, and it is difficult to know the exact accuracy of the measurements. Options A, B, and D are related to other aspects of measurement and do not address the main problem in determining accuracy in accounting.

What Is the Main Problem in Determining Accuracy in Accounting