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Financial Statements

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Title: Financial Statements

Essay Details:

Subject: Business

Author:

Date: October 1, 2015

Level: University

Grade: B

Length: 9 / 2664

Essay text:

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). 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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