Accounting changes are often made and the monetary impact is reflected in the financial statements of a company even though, in theory, this may be a violation of the accounting concept of consistency.
Financial statements are written records that reflect a company's operations and financial performance. Financial statements are often audited by government agencies, accountants, businesses, etc. to ensure accuracy and for tax, funding, or investment purposes.
Financial statements are formal records of the financial activities and status of a company, individual or other entity. Relevant financial information is presented in a structured, easy-to-understand format.
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