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Importance of accurate/timely accounting information

Why is it important for accounting information to be accurate and timely? How can this be achieved?

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It is extremely important for accounting information to be accurate and timely in order to present a clear and accurate view to the various stakeholders of the company such as management and promoters, general public and shareholders if it is a publicly traded company, investors and analysts, etc. Further, it is important to submit accurate financial statements in a timely manner from legal point of view as well.

Timely and accurate presentation of financial statements helps the management and other people ...

Solution Summary

Why is it important for accounting information to be accurate and timely?

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