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When merchandisers and manufacturers prepare income statements for their annual reports to shareholders, they usually begin the statement with net sales. For internal reporting purposes, however, the income statements will show gross sales and the related contra-renevue accounts of sales returns and allowances and sales discounts. What might explain the difference I'm the financial information disclosed to external parties and management? Do you consider the more limited disclosure in the annual reports to be inconsistent with the full disclosure principal?

Reference no: EM132420242

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