Accounting

1.What are general purpose financial statements?

2. Distinguish between general purpose financial statements and special purpose financial statements.

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3.What is meant by ‘external users who generally cannot prescribe the information they want from an organisation’?

4 ‘All external users of financial statements have common interests. The statements should provide information relevant to those interests.’ Discuss.

Which of the following is NOT an example of a trust-building behavior?

A. Withholding deserved recognition at times when you are feeling underrecognized.

B. Communicating anticipated slippage as soon as you suspect it.

C. Sharing credit generously.

D. Airing concerns with stakeholders when you're unsure about committing resources

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