Financial statements

GAAP provides guidelines relating to the preparation of financial statements.

• True

• False

Desirable characteristics of financial statement. Select more than one

• Comparability

• Understandability

• Reliability

• Fairness

• Timeliness

Financial statements contain exactly the same information as the final accounts and post closing trial balance

• True

• False

Accounting activities. Select three

• Operating activities

• Financing activities

• Credit activities

• Investing activity

Who are the users of the financial statements?