Which of the following is used to report data needed to meet legal and regulatory requirements?
A)Assets
B)Equity
C)Tangible document
D)Financial statement
E)None of the above

Question

Quizplus · Accepted Answer

Financial statements are used to report data needed to meet legal and regulatory requirements such as tax reporting, compliance with securities regulations, and other legal requirements. The financial statements are prepared in accordance with a specific set of accounting standards, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), and provide a comprehensive picture of a company's financial performance and position.

Which of the Following Is Used to Report Data Needed