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1. (a) What are the major advantages of notes to the financial statements? What types of items are usually reported in notes? (b)An article in

1.

(a) What are the major advantages of notes to the financial statements? What types of items are usually reported in notes?

(b)An article in the financial press entitled Important Information in Annual Reports This Year noted that annual reports include a managements discussion and analysis section. What would this section contain?

(c)Distinguish between ratio analysis and percentage analysis relative to the interpretation of financial statements. What is the value of these two types of analyses?

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