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What is General Purpose Financial Statements Explained about?

1) Financial accounting is concerned with general purpose reports on financial position and financial performance that are used by parties both internal and external to the entity. 2) Financial accounting can be broadly defined as the area of accounting that prepares general purpose financial statements to be used by parties internal to the entity as well as creditors and investors external to the entity. 3) Generally accepted accounting principles derive their credibility and authority from general re

Author

Jao Flores

Language

EN