OBJECTIVES OF FINANCIAL STATEMENTS AND THERE USEFULNESS TO THE GENERAL USER GROUPS

There is a global confusion and misconception in identifying the objectives of financial statement and their usefulness to the general user groups in an office. Some accountant appear not to be aware of the objectives of financial statement in the execution of their accounting duties. Many bodies and individuals like “R. J. Chambers, David Alexander and the National Association of Accountants” had accentuated on the objectives of financial statements in an organization long before I intended to carry out a survey of my own on the same issue. It is on this background, that I therefore, conducted a research with a view of appraising, vindicating, exposing and making clearer the objectives of financial statements of accounting in the mounding office activities, and there used to the general user groups in particular. This research work will, therefore, throw some light on the many year's old confusion and controversial issues on. What the financial statement is, its objectives and its usefulness to the user groups.