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2 years ago

General-purpose financial statements are the product of:____.

Business

1 answer:

Neko [114]2 years ago

5 0

General-purpose financial statements are the product of: <u>both financial and managerial accounting.</u>

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<h3>What is the definition of general purpose financial statements?</h3>

The general definition of financial statements is to provide information about the effects of operations, financial position, and cash flows of an organization. This information is employed by the readers of financial statements to make judgments regarding the allocation of resources.

<h3>What are the three general objective financial statements?</h3>

The balance sheet, income statement, and cash flow information each offer unique pieces with information that is all connected. Together the three statements give a comprehensive portrait of the company's working activities.

To learn more about financial position, refer

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This ethical generalization illustrates that individuals have their personal belief systems.

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3 years ago

Pool Corporation, Inc., is the world’s largest wholesale distributor of swimming pool supplies and equipment. Pool Corp. reporte

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Explanation:

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3 years ago

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3 years ago

Static and Flexible Budgets Graham Corporation used the following data to evaluate its current operating system. The company sel

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Actual Budgeted

Units sold 991,000 1,000,000

Variable costs 1,280,000 1,500,000

Fixed costs 955,000 905,000

<u>Actual Results</u> <u>Flexible Budget</u> <u>Static Budget </u>

Units sold 991,000 991,000 1,000,000

Revenues $9,910,000 $9,910,000 $10,000,000

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Fixed costs -$955,000 -$905,000 -$905,000

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The static budget only considers standard revenue (units sold and price) and costs (both variable and fixed). While a flexible budget will be calculated using standard costs but with actual units sold and produced. Both static and flexible budgets use the same fixed costs, only variable costs and revenues differ.

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3 years ago