Who are the users of financial statements and what do they need?
Standard setters and securities regulators intend that financial reports provide information to investors, creditors, and others that helps decision makers allocate resources and evaluate the results of their decisions. Financial reporting does not intend to measure firm value or to provide all the information that decision makers might need to make resource allocation decisions. Financial reporting, under either U.S. GAAP or IFRS, intends to provide information that is useful in helping decision makers assess the amount, timing, and uncertainty of future cash flows of firms.
In order to make sense of financial reports, users of financial statements must have a reasonable knowledge of firms' businesses and of the kinds of events, transactions, and arrangements that firms engage in. They must also have a reasonable knowledge of the financial accounting principles and procedures that firms follow to prepare financial reports, and a reasonable understanding of the judgments and estimates required by those principles.
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What control issue is related to reentering corrected error records into a batch processing system? What are the two methods for doing this?
A(n) ______ gives the company information on the applicant in a standard form.
A. resume B. application C. phone call D. e-mail