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The primary objective of financial reporting is to provide information: concerning the changes in financial position resulting from the income - producing efforts of the
The primary objective of financial reporting is to provide information:
concerning the changes in financial position resulting from the incomeproducing efforts of the entity.
about a firm's management team.
about a firm's financing and investing activities.
useful to capital providers.
Statements of Financial Accounting Concepts issued by the FASB:
have been superseded by SFASs.
identify the conceptual framework within which accounting standards are developed.
are subject to approval of the SEC.
represent GAAP.
In general, revenue is recognized when:
a purchase order has been received.
the sales price has been collected.
a good or service has been delivered to a customer.
a contract has been signed.
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