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Lowells' Country Music Bar Balance Sheet

Lowells' Country Music Bar balance sheet missing pieces, see attached document.

Why are GAAP financial statements (externally reported financial statements) required to be prepared according to specific rules and formats while internally presented managerial accounting reports are not?

How can a misstatement in one financial statement affect another financial statement? Give an example of an error on one financial statement that impacts a second financial statement.

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Why are externally presented reports required to be prepared according to generally accepted accounting principles while internally presented managerial accounting reports are not?

Intern reports are custom for the business and for the particular decision and do not have to be uniform enough so that the general public can understand them. They can contain abbreviations, industry specific "buzz" words and confidential ...

Solution Summary

Your discussion is 183 words and includes a spreadsheet for Lowells' Country Music Bar to show how to find the balance sheet missing pieces.

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