ACCT251Ch1ProfResearchSol

ACCT251Ch1ProfResearchSol - PROFESSIONAL RESEARCH (a) Three...

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PROFESSIONAL RESEARCH
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(a) Three ways: a. Use the main menu following Original Pronouncements and then Statement of Financial Accounting Concepts. b. Query: “CON 1”, “Objectives of Financial Reporting”. c. Search: Search within a single OP document type, Document title: Statement of accounting concepts, Query for: No. 1 or 1. (b) CON 1, Par. 7. Financial reporting includes not only financial statements but also other means of communicating information that relates, directly or indirectly, to the information provided by the accounting system—that is, information about an enterprise’s resources, obligations, earnings, etc. Management may communicate information to those outside an enterprise by means of financial reporting other than formal financial statements either because the information is required to be disclosed by authoritative pronouncement, regulatory rule, or custom or because management considers it useful to those outside the enterprise and discloses it voluntarily. Information communicated by means of financial reporting other than financial statements may take various forms and relate to various matters. Corporate annual reports, prospectuses, and annual reports filed with the Securities
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ACCT251Ch1ProfResearchSol - PROFESSIONAL RESEARCH (a) Three...

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