What is the objective of financial reporting by state and localgovernments?

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ajoysengcoLv4

21 Oct 2021

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Bunny GreenfelderLv2

28 Sep 2019

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Karen Sepan, a recent graduate of the local state university, ispresently employed by a large manufacturing company. She has beenasked by Jose Martinez, controller, to prepare the company'sresponse to a current Preliminary Views published by the FinancialAccounting Standards Board (FASB). Sepan knows that the FASB has aconceptual framework, and she believes that these conceptstatements could be used to support the company's response to thePreliminary Views. She has prepared a rough draft of the responseciting the objective of financial reporting.
Instructions
(a) Identify the objective of financial reporting.
(b) Describe the level of sophistication expected of the users offinancial information by the objective of financial reporting.

How does the term 'motive' apply to

a commercial business?

a Not for profit enterprise

the objective of financial reporting called"Accountability?"

a. The primary objective of financial reporting is to: provide accurate historical information. provide useful information to external decision makers. provide operating information to managers. meet legal requirements. b.

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