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1. What are explanatory notes and why are they required? Discuss in 80100 words. 2. Why is it important that financial statements and reports are

1. What are explanatory notes and why are they required? Discuss in 80100 words.

2. Why is it important that financial statements and reports are clear and conform to organisational and statutory requirements? Discuss in 120150 words.

3. Describe (120150 words) the information which will be contained in typical financial reports. Provide six examples.

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