Define what are consolidated financial statements and their usefulness.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Define what are consolidated financial statements and their usefulness.
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Step 1 General Introduction
Financial statements - Financial statements are referred to as those records which are in written form and reflect the business activities and the financial performance of the organization. These are mostly relied on by financial analysts and investors for analyzing the performance of the company and making future predictions. It comprises of mainly income statements, balance sheets, and cash flow statements.
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