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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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What is the most general objective of financial reporting? Who are investors, lenders, and other creditors?

To determine

Indicate the most general objective of financial reporting and also explain about the investors, lenders, and other creditors in financial reporting.

Explanation

Financial reporting:  

Financial reporting is the procedure to communicate the information obtained from the financial statements prepared. It is necessary to disclose the data to various stakeholders as various decisions need to be taken by the stakeholders.

  • The primary objective of financial reporting is to” provide useful information about the reporting entity to its existing and the potential investors, lenders and other creditors as to make decision about providing of resources to the entity”...

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