Question

A useful way of standardizing financial statements is to choose a _______ year and then express each item relative to that amount.

Answer 1

A useful way of standardizing financial statements is to choose a base year and then express each item relative to that amount.

Below, this is further discussed.

Financial statements: What are they?

Financial statements, in general, are official records of the financial activity and condition of a company, an individual, or another organization. Structured and simple-to-comprehend presentations of pertinent financial data are made.

In summary, Selecting a base year and then expressing each item according to that sum is a helpful method for standardizing financial reporting.

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