Which of the following statements is not true about private companies?
A)Private companies usually have easily identifiable user groups.
B)User groups of a private company are not permitted to request additional information, outside of the issued financial statements, from the company.
C)Private companies are not required to issue "general-purpose" financial statements.
D)Private companies often report to specific user groups for specific purposes.

Question

Quizplus · Accepted Answer

This statement is not true as user groups of private companies are allowed to request additional information beyond the issued financial statements in certain circumstances. For example, potential investors may request additional information before making investment decisions.

Which of the Following Statements Is Not True About Private