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How would a user determine the reasons for significant changes that are revealed in horizontal analysis of the income statement? Refer to the notes to

How would a user determine the reasons for significant changes that are revealed in horizontal analysis of the income statement?

  • Refer to the notes to the financial statements

  • Refer to the Managements Discussion and Analysis (MD&A)

  • Review the results of the horizontal analysis of the comparative income statements

  • Review the results of the horizontal analyses of both the comparative balance sheets and comparative income statements

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