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Understanding Financial Statements

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Learning Objectives

By the end of this chapter, you should be able to:

• Identify the two major users of accounting information and explain their specific needs.

• List the various entities that influence the development of Generally Accepted Accounting Principles (GAAP).

• Describe the basic principles of accounting and financial statement preparation.

• Explain the differences between financial statements that have been audited as opposed to those that are only reviewed or compiled.

• Identify and explain the limitations of financial statements.

INTRODUCTION

The goal of this course is to help you ...

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