Financial statements are defined as historical reports that communicate financial information about a business to people or

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Financial statements are defined as "historical reports that communicate financial information about a business to people or organizations outside the company." Why is the word historical used?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Financial Accounting

ISBN: 978-0134436111

4th edition

Authors: Robert Kemp, Jeffrey Waybright

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