What Do We Mean When We Say That Financial Accounting Information Is General-purpose?
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The accounting information is for the use of general public which is represented in the form of company's annual reports or financial statements. IT is for general purpose which means that accounting information can be used for various purposes such as for buying shares, investment decisions, lending and credit decisions, managerial decisions by the inside management etc. The accounting information can be used by all of its stakeholders for various purposes that is why financial information is said to be a general purpose information.
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