Accounting for IGCSE & O level - Accounting Procedures (Section 20 - No. 49)
What is the primary purpose of preparing revised financial statements after identifying and correcting errors?
To impress the auditors.
To provide a true and fair view of the financial performance and position.
To be in compliance with tax regulations.
To reduce the company's debt.
Explanation
Revised financial statements need to reflect accurate performance after correcting errors.
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