For each of the following situations, explain why GAAP-transactions-based financial statements would be of limited use for
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For each of the following situations, explain why GAAP-transactions-based financial statements would be of limited use for predicting the entity’s future performance:
a. The entity purchases a major new operating division in a new line of business for the entity.
b. A large and successful U.S. firm in the same line of business as the entity enters analysis on GAAP-based financial statements.
d. The entity is in a declining industry and has just closed down a number of its plants.
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