Title: Financial Accounting Report

Essay Details

Subject: Business
Author: Jose W
Date: December 21, 2014
Level: University
Grade: A
Length: 2 / 458
No of views: 0
Essay rating: good 0, average 0, bad 0 (total score: 0)

Essay text:

Further, because these reports and statements are prepared according to generally Accepted Accounting Principles, they must reflect conditions as of a given date, the results of operations for a specific period, and the evaluation of status and results of operation in terms of established objectives (ISDE)...

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Because it offers a historical perspective on the past performance of organizations, it is often said, "financial accounting is backward looking and sacrifices decision relevancy for objectivity" (Bromwich, 1988). This short-term external focus on reporting differentiates financial reporting from managerial reporting...

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