Question: 1. Why must the financial data be adjusted prior to it being made into one of the financial statements used by the firm? 2. Who

1. Why must the financial data be adjusted prior to it being made into one of the financial statements used by the firm?

2. Who assures that the firm is producing the financial statements based on GAAP and who ultimately is responsible for the accuracy of the data?

3. Why should the investors and creditors be confident that the financial statements are accurately produced?

4. Are the financial statements primarily and internal report rather than used externally of the firm?

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