Why is it necessary to prepare the formal financial, Accounting Basics

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Why is it necessary to prepare the formal financial

In order of importance, list the statements. Why did you rank the statements in the order you did? (This is different than just choosing one to be most important like last week.) Why does GAAP require all statements? Why is it necessary to prepare the formal Financial Statements if all the data are on the Adjusted Trial Balance?

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Accounting Basics: Why is it necessary to prepare the formal financial

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