Question

When preparing external financial statements that are in accordance with generally accepted accounting principles, the minimum...

When preparing external financial statements that are in accordance with generally accepted accounting principles, the minimum financial report will include

A.

Basic financial statements, management's discussion and analysis, and other required supplementary information.
B.

Only the financial section of a comprehensive annual financial report.
C.

Basic financial statements only.
D.

A comprehensive annual financial report.
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Answer #1

Ans: ( A)Basic financial statements, management's discussion and analysis, and other required supplementary information.

Explanation:

1) Companies prepare external financial statements to report their business information to outside parties such as investors, lenders etc.

2) This statements are prepared in compliance with GAAP, so that interested external parties can easily understand.

3) Along with financial statements ( Income statement, balance sheet, cash flow statement and stockholder's equity) other reports are also prepared for external users.

4) These are ,management's discussion and analysis, and other required supplementary info. etc

Hence, only Option ( A) is correct.

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