Who are the primary users of general purpose financial statements? - ProProfs Discuss
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Who are the primary users of general-purpose financial statements?



Asked by Jaypolansky, Last updated: Sep 16, 2021

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O. Miller

O. Miller

Have 3 years of Experience in journalism.

O. Miller
O. Miller, Content Optimization Executive, Studied Journalism and Psychology, Austin,Texas

Answered May 10, 2019

Financial statements are one of the most important documents or reports, especially in business. These reports show the status of a business such as the labor unions, stockholders, and board of directors. These also help in the external aspects in terms of having new investors to the business and if taxes needed to be paid to government agencies or stockbrokers are met.

This is the reason why financial statements are very important to creditors and investors as they can help in regulating the success of their business in the corporate world. The government, however, does not depend solely on financial reports as it gets money from taxes to be used in improving the country or state.

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