Accounting for IGCSE & O level - Accounting Procedures (Section 23 - No. 3)
What is the primary purpose of preparing revised financial statements after identifying and correcting errors?
To impress auditors.
To reflect the accurate financial performance and position of the business.
To comply with tax regulations.
To reduce the company's debt.
Explanation
Revised statements are necessary to provide a true and fair view after correcting errors.
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