The objective of financial reporting established by the FASB is to provide information that is useful to potential customers.
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Q2: Financial statements are often audited by management
Q3: The relevance of accounting information means that
Q4: The convention of consistency has led to
Q5: An advantage of accounting information is that
Q6: A different set of financial statements usually
Q7: Accounting information contains numerous estimates,classifications,summarizations,judgments,and allocations.
Q8: To be useful for decision making,financial reporting
Q9: The Sarbanes-Oxley Act requires a company to
Q10: Consistency in accounting means that a company
Q11: To understand accounting information,users must be familiar
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