ACC220WK3DQ1 (2) - When reviewing a financial report, why...

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When reviewing a financial report, why should information be reliable, relevant, consistent, and comparable? In other words, why are these accounting characteristics important? In any type of financial report it is extremely important that all your T’s be crossed and your I’s all be dotted. Another words everything that is listed in these financial reports has to be up to date information, with the correct figures, neatly organized, easy to understand. Have an even flow of the years to see the pattern of success or not through the years. For the company to see where there needs to be improvements for internal use of the office. These financial reports must always be kept up to date, because at a moments notice they might have to be looked at by like another company wanting to buy products from your company. Or could just be an Auditor doing a random check to make sure your company is keeping accurate figures and running there business properly. Financial reports need to be relevant because they show the present and future earnings of
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This note was uploaded on 01/07/2012 for the course COM 155 155 taught by Professor Shepherd during the Spring '10 term at University of Phoenix.

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