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Essay

Financial Statements

Essay specific features

 

Issue:

Business

 

Written by:

George M

 

Date added:

December 27, 2016

 

Level:

University

 

Grade:

C

 

No of pages / words:

10 / 2664

 

Was viewed:

3916 times

 

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Essay content:

According to the FASB (The Financial Accounting Standards Board), the financial statements of a firm should provide sufficient information to be useful to all stakeholders for example investors and creditors. Financial statements are prepared periodically in accordance with a set of standards known as the generally accepted accounting principles (GAAP)...
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These standards provide the framework of guidelines for financial accounting. It includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements. GAAP are imposed on companies so that investors have consistency in the financial statements they use when analyzing companies for investment purposes...
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