Evaluating Personal Financial Statements

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Individuals being economic agents with varying degrees should be able to evaluate their financial situation, personal financial statements offer the best ways to assess personal financial situation. According to Mancuso, personal financial statements can be used to obtain a loan, to make a guarantee, to develop an estate or retirement plan and to plan strategies to minimize income taxes among others (1992). Looking at the many uses of financial statements one could wonder how people do plan their future without accurate financial statements. Personal statements need to be approved by certified public accountants(cpa)(Mancuso, 1992). Cpas have various sources from where they can audit personal statements such as check books, broker’s statements,
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