Question

To satisfy the stewardship reporting responsibility of management, companies prepare multiple sets of special-purpose statements to meet the information needs of a variety of financial statement users.

Answer 1

False

Explanation:

• There is no need to satisfy the report for management.

• Companies prepare various financial reports for there internal and external users.

• The financial statement includes profit and loss account and balance sheet, there is no relation between them to satisfy stewardship reports.

• Well designed studies of stewardship indicate donors: • the significant impact of their contributions. • To use their contributions according to their purpose.