Question Details

Financial statements are the principal means through which financial information is communicated to those outside an enterprise



True or false:
1.	Financial accounting is the process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and control an organiza-tion's operations.

	2.	Financial statements are the principal means through which financial information is communicated to those outside an enterprise.

	3.	The major financial statements used under International Financial Reporting Standards (IFRS) include the statement of changes in financial position and the statement of stockholders’ equity.

	4.	In order to provide information that is useful in decision making and capital allocation, the International Financial Reporting Standards (IFRS) requires all companies to use a common currency.

	5.	Users of the financial information provided by a company use that information to make capital allocation decisions.




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