Financial accounting information is historical in nature, reporting on what has happened in the past. To...

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Accounting

Financial accounting information is historical in nature,reporting on what has happened in the past. To facilitatecomparisons between companies, this information must conform tocertain accounting standards or principles called generallyaccepted accounting principles (GAAP).
Please discuss this statement, emphasising the importance of auser of financial statements being able to compare financialstatements prepared by different companies.

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AnswerYes it is true that financial accounting information is historical in nature reporting on what has happened in the past To facilitate comparisons between companies this information must conform to certain accounting standards or principles called generally accepted accounting principles GAAP The financial statements are very See Answer

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