1nbspa set of financial statementsanbspis intended to, Ask an Expert

Accounting

1. A set of financial statements:

a. Is intended to assist users in evaluating the financial position, profitability, and future prospects of an entity.

b. Is intended to substitute for filing income tax returns to the Internal Revenue Service in determining the amount of income taxes owed by a business organization.

c. Includes notes disclosing information necessary for the proper interpretation of the statements.

d. Is intended to assist investors and creditors in making decisions involving the allocation of economic resources.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91889085

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