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Summary Post#2: What is the purpose of Financial statements (internally & externally)? How is it l
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PostPost#2: What is the purpose of Financial statements (internally & externally)? How is it linked to the other reports?Answer & ExplanationFinancial statements serve several purposes both internally and externally, and they are closely linked to other reports within an organization. Here's a deta...

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  • October 6, 2024
  • 3
  • 2024/2025
  • Summary

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  • budgeting
  • postpost2 what is the purpose of financial state
  • and they are closely linked to other reports with
  • and decision making2performance evaluation the

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Post#2: What is the purpose of Financial statements (internally & externally)?

How is it linked to the other reports?




Answer & Explanation


Financial statements serve several purposes both internally and externally, and

they are closely linked to other reports within an organization. Here's a detailed

explanation:


Internal Purposes:


1. Decision Making: Financial statements provide management with critical

information needed for strategic planning, budgeting, and decision-

making.


2. Performance Evaluation: They help in assessing the company's

performance over a specific period by comparing actual results against

budgets or forecasts.


3. Resource Allocation: Management uses these statements to allocate

resources efficiently across different departments or projects.

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