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A List of Statements Follows

Question 61

Essay

A list of statements follows:
a.GAAP identifies the___________ of financial reporting

b.Financial reporting should, above all, provide information that is_______ to external decision makers.

c.A company's financial statements and other means of financial reporting should include explanations and interpretations by its management to help external users understand the financial information provided. This represents management's to________out siders.

d.Financial reporting should provide information about how and the company's management___________ and_________ goverming board have dis charged their responsibilities to use the company's resources.

e.A specific objective of financial reporting is to provide information about how a company's cash flow can cause changes in the company's __________and_________
Required:
Fill in the words necessary to complete the statements.

Correct Answer:

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a.objectives
b.usefu...

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