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Distinguish between the terms classified and comparative

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Reference no: EM132808360

Problem 1. Why is the statement of financial position a logical place to begin a discussion offinancial statements?

Problem 2. Distinguish between the terms classified, comparative, and consolidated as they apply to financial statements. May a given set of financial statements have more than one of these characteristics?

Problem 3. Why is the going concern assumption an important consideration in understanding financial statements?

Reference no: EM132808360

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