What is importance of economic entity assumption

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Q. What is purpose of management discussion and analysis (MD&A)? Why is it important for financial statements to receive an unqualified auditor's opinion? What types of information are presented in notes to financial statements? What purpose does going concern assumption serve? Sue Leonard is president of Better Books. She has no accounting background. Leonard cannot understand why market value is not used as basis for accounting measurement and reporting. Explain what basis is used and why. What is importance of economic entity assumption?

Reference no: EM1369529

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