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Faculty of Business and Law Assignment Authentication Declaration Unit Code: MAA704 Campus: On Campus (Burwood) Unit Coordinator: Jean Raar Assignment No.: 1 Due Date: 5 April, 2004 Student Name: Barry Ackers Student Number: 400088489 "I hereby declare that the material submitted in this assignment is my own work except where specifically acknowledged and referenced." Name: Barry Ackers Student Number: 400088489 Date: 5th April 2004 MAA 704 - ACCOUNTING THEORY Assignment 1 "Financial statements are like fine perfume; to be sniffed at, but not swallowed".1 1. BACKGROUND In order to comprehensively answer the question posed it is necessary to contextualize the nature of financial reporting and to comprehend its multiple purposes. This paper has accordingly incorporated a brief introduction to financial reporting. 2. INTRODUCTION Accounting forms the most important quantitative system within an enterprise. Information is offered to users in the form of financial reports, which are the final product of the accounting process. The purpose of financial reporting is to communicate financial information to interested parties. It...

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