Ch1 HW - that users of financial accounting information...

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Kelli Owens Acct 2310 Fall 2008 Chapter 1 Case 1-28 September 2, 2008 1. Information in paragraph 28 indicates external users that do not have the authority to request specific types of financial information they would like to receive benefit the most from financial information. These types of users benefit most because the information provided by management provides them with knowledge to assist the users in making economic decisions about the company. 2. Information provided in paragraph 34 shows that an assumption is made
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Unformatted text preview: that users of financial accounting information have a reasonable understanding of business and economic activities and are willing to study the information with reasonable commitment. 3. Paragraph 43 indicates that those interested in future cash flows should lead to an interest in obtaining information regarding a company’s earnings with an insight of periods over a year. Therefore, persons interested in future cash flows should look to a company’s income statement....
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