When deciding whether to recognize a financial statement element (or not), and how to measure it, the accountant should
A. always use estimates.
B. record hard numbers and ignore soft numbers.
C. determine an acceptable level of uncertainty.
D. recognize a financial statement element even if it cannot be measured.
Answer:C
When deciding whether to recognize a financial statement element (or not), and how to measure it, the accountant should
A. always use estimates. B. record hard numbers and ignore soft numbers. C. determine an acceptable level of uncertainty. D. recognize a financial statement element even if it cannot be measured.