to a wide range of users in making economic decisions b. To prepare and present a balance sheet, an income statement, a cash flow statement, and a statement of changes in equity only. c. To prepare only financial statements in accordance with all applicable standards and interpretations. d. To prepare and present comparable, relevant, reliable and understandable information to investors and creditors only.
to a wide range of users in making economic decisions b. To prepare and present a balance sheet, an income statement, a cash flow statement, and a statement of changes in equity only. c. To prepare only financial statements in accordance with all applicable standards and interpretations. d. To prepare and present comparable, relevant, reliable and understandable information to investors and creditors only.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Q37
What is the objective of financial statements according to the framework?
a.
To provide information about the financial position, performance and changes in financial position of an entity that is useful to a wide range of users in making economic decisions
b.
To prepare and present a balance sheet , an income statement, a cash flow statement, and a statement of changes in equity only.
c.
To prepare only financial statements in accordance with all applicable standards and interpretations.
d.
To prepare and present comparable, relevant, reliable and understandable information to investors and creditors only.
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