Given one or more hypothetical assumptions, a responsible party may prepare, to the best of its knowledge and belief, an entity's expected financial position, results of operations and changes in cash flows.Such prospective financial statements are known as:
A)financial projections.
B)pro-forma financial statements.
C)financial forecasts.
D)partial presentations.

Question

Quizplus · Accepted Answer

Financial projections are prospective financial statements that present an entity's expected financial position, results of operations, and changes in cash flows based on one or more hypothetical assumptions.

Given One or More Hypothetical Assumptions, a Responsible Party May