Financial statement: A formal record of business transactions that record, analyze, and summarize the performance of a company for a specific or defined period is termed financial statement.
Audit report: A standard format which contains the written opinion with relevant documentation of financial records of a company or entity or organization is termed audit report. This is prepared by an Auditor based on the financial records submitted by the organization.
(a)
To determine the effect in the prior years due to change in inventory method.
(b)
To determine the effect of disposing one subsidiary.
(c)
To determine the effect of reducing the life of the asset due to obsolescence.
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Intermediate Accounting 16E Binder Ready Version With Wiley Plus Blackboard
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