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The purpose of financial statements is to provide value to the users. It should be assumed that assets equal liabilities and equity. There's value in providing
by Naga 6y ago
The purpose of financial statements is to provide value to the users. It should be assumed that assets equal liabilities and equity. There's value in providing a separate liability total, since it gives a snapshot of the financial position of the company, more so than having to derive that from the total liabilities and equity.