Which statements describe the limitations of accounting information?
1 Businesses in the same industry may use different accounting policies.
2 Non-monetary aspects of a business are excluded from financial statements.
3 Results of accounting ratios are based on the use of historic cost.
1, 2 and 3
2 )
1 and 2 only
3 )
1 and 3 only
4 )
2 and 3 only
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