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Exercise: Basic Elements of Financial Reports

Most financial reports contain the following list of basic elements. For each element, identify the person(s) who prepared the element and describe the information a user would expect to find in each element. Some information is verifiable; other information is subjectively chosen by manage- ment. Comment on the verifiability of information in each element.
1. Management discussion and analysis

2. Product/markets of company

3. Financial statements

4. Notes to financial statements

5. Independent accountants' report

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91951039

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