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Determine what are special-purpose financial statements

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Reference no: EM132571962

The special purpose financial statements are prepared to fulfills the requirement of a particular group of users such as taxing authority, banking, etc. while general purpose financial statements are prepared for the outside users of the financial statements and are issued regularly by the company.

Question (a) What are special-purpose financial statements and how are they different from general-purpose financial statements?

Question (b) What is significance to you, as a lender, of these being special-purpose financial statements

Reference no: EM132571962

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