Description
Discuss the type of information that must be included in notes to financial statements, and explain why the information is relevant to financial statement users.
Explanation & Answer
the information includes aspects of the balance sheet, income or profit and loss statements, and cash flow statement. financial information is a more essential component of business and as the principal method of communicating financial information about an entity to outside parties. financial statements report the financial position or financial status of a business or an individual as well as financial changes at a particular time or during a period of time. The basic purpose of financial statements is to communicate to external and internal parties information about financial decisions that have been made.
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