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Topic: Business
Number of pages / Number of words: 5 / 1137
Essay's paper body

Financial accounting incorporates preparing business financial statements mainly for users outside the business. These reports are used by owners, potential owners of a business, and by people who have loaned company money. In addition, stockholders, suppliers, and banks also benefit from the financial reports that are generated (Horngreen, Stratton, & Sundem, 2002)...


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Internal reports Issued as often as needed.

Purpose of Reports

To provide general-purpose information for all users To provide special-purpose information for a particular user for a specific decision

Content of Reports

Belongs to entity as a whole and is highly aggregated (condensed).

Limited to double-entry accounting system and cost data

Reporting standard is the Generally Accepted Accounting Principles...


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