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Current and Historical Financial Statements Important to IBM

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Why are current and historical financial statements important to IBM?

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Solution Summary

* the importance of financial statements
* a brief description of IBM's internal control structure
* why it is important to inspect the current and previous financial statements of IBM
* 277 words
* two non-APA references

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Financial statements are important because they explain the performance and value of the company. Investors need these statements to measure a company's worth. Together with other analysis tools, financial statements can help management develop better strategies for improvement and progress.

According to Porter & Norton in their book Financial Accounting: The Impact on Decision Makers, IBM has an effective internal control structure which consists of the organization's very clearly defined lines of responsibility as well as a comprehensive internal control ...

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