Pls expound your answer REQUIRED:You are required to prepare a reflection paper that incorporates your answers to the following questions:1. Why are financial statements important? What problems can you foresee if a business manager does nothave a basic knowledge of financial statements?Adapted from:Price, J., Haddock, M., & Farina, M., (2021). College Accounting, 16th edition. McGraw-Hill Education.2. Your friend is thinking of ways to lower tax by lowering the net income using the following means:Do not adjust for accrued revenue for any earned revenues, cash is not collected anyway.Adjust the full amount of prepaid expense as expenses even if not yet used.Explain to your friend the accounting implications and ethical considerations of her idea.●●

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REQUIRED: You are required to prepare a reflection paper that incorporates your answers to the following questions: 1. Why are financial statements important? What problems can you foresee if a business manager does not have a basic knowledge of financial statements?

REQUIRED: You are required to prepare a reflection paper that incorporates your answers to the following questions: 1. Why are financial statements important? What problems can you foresee if a business manager does not have a basic knowledge of financial statements?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter2: Financial Reporting: Its Conceptual Framework

Section: Chapter Questions

Problem 2C

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