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Briefly explain how financial reporting is used in the world. Explain the following quotation: There are events and then there are reports on events, and

Briefly explain how financial reporting is used in the world. Explain the following quotation: There are events and then there are reports on events, and they are not identical. Is there a "right" number for earnings (net income) for a given organization in a given period? On what does it depend? Briefly explain.

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