Question

Explain in brief the various objectives of finanacial statements.
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Answer 1

Answer:

Objectives of Financial Statements

Introduction on Objectives of Financial Statements

Objectives of financial statements are the specific purposes or reasons (which may include purpose of compliance, understanding the fundamentals of the company, measuring the financial strength of the business, reporting of the performance, results, financial stability and liquidity to the various stakeholders of the organisation, providing confidence of going concern to the creditors) for which the financial statements are prepared and presented to the owners of the business and other stakeholders.

Answer 2

Answer:

The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions." Financial statements should be understandable, relevant, reliable and comparable.

Explanation:

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