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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Why do companies provide so much additional information with financial statements? What is the purpose of the notes to the statements?

To determine

Describe the reason for which companies provide additional information along with financial statements and identify the purpose of the notes to the statements.

Explanation

Accounting system records the result of business transactions, events, and commercial arrangements to generate the financial statements, but the financial statement fails to reflect relevant and representationally faithful information to the financial statement user. Thus, along with the financial statements, companies provide important additional information in notes to the financial s...

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