What is the main objective of having general purpose financial statements?
The Financial Accounting Standards Board, which sets the rules for business accounting in the United States, says the objective of financial reporting is to provide current and potential investors and creditors with useful information that can guide them in making decisions on investments, lending and other "resource allocation" matters. The four general purpose financial statements are all geared toward that objective. Show
Balance Sheet
Income Statement
Cash Flow Statement
Owner's Equity Statement
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