Question

What are management prepared financial statements?

Answer 1

Answer:

What is Financial Statement Preparation? Preparing general-purpose financial statements; including the balance sheet, income statement, statement of retained earnings, and statement of cash flows; is the most important step in the accounting cycle because it represents the purpose of financial accounting.

Explanation:

https://www.myaccountingcourse.com/accounting-cycle/financial-statement-preparation

Answer 2

The preparation of financial statements involves the process of aggregating accounting information into a standardized set of financials. The completed financial statements are then distributed to lenders, creditors, and investors, who use them to evaluate the performance, liquidity, and cash flows of a business