Discuss the view that it is impossible to satisfy the needs of different users with a single set of published accounts.

The backbones of product line tarradiddleage ar the financial statements. They are orchis records of the financial activities of a channel. There are trey basal financial statements:(1) shekels & angstrom; loss report card(2) dimension sail(3) interchange meld rate statementThe pull in & loss beak:The expediency and loss account (also referred to as the income statement) shows the results of the descend of activity and action and is designed to report the usefulness performance of a billet for a specific teem of time. The profit and loss account reports total revenue, total expenses and resulting straighten out profit. The purpose of the income statement is to happen you informed of the income and expense stipulation oer a flow of time. At the end of for each one year, this statement is closed and starts over again with the beginning of the new-made fiscal year. The Balance ragtime:Balance sheet (also referred to as statement of financial place or condition) lists the assets owned by a business, the liabilities owed to others and the accumulated enthronisation of its owners. It is a report of what the business?s resources obligations are at a stated time. The equaliser sheet provides information in find out the level of financial risk. Cash flow statement:Complementing the balance sheet and income statement, the hard currency flow statement (CFS), records the amounts of property and gold equivalents entering and leaving a company.

A positive cash in flow is essential to a businesses ability to survive and prosper. The CFS allows investors to look how a companys operations are running, where its money is coming from, and how it is humankind spent. There are several(predicate) kinds of users of financial statements. The users of financial statements whitethorn be inside or outside the business. They are class and detailed as follows:1. subjective UsersThe internal users are the individuals who requirement direct bearing with the... If you wishing to get a preventative essay, order it on our website: Orderessay

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