You are considering buying a small business from the person who currently owns and manages it The current owner explains that the business is doing great and provides financial statements that support that position Would you accept the financial statements as given to you Explain How could you get ...

It would be a poor decision to accept the financial statements as they ...

You are considering buying a small business from the person who currently owns and manages it. The

Question:

You are considering buying a small business from the person who currently owns and manages it. The current owner explains that the business is doing great and provides that support that position. Would you accept the as given to you? Explain. How could you get some assurance about the information in the statements? Explain.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...