When company management goes through the process of identifying accounts that need to be adjusted, it is looking for… (Choose all that apply) - liabilities that are understated - revenues that are understated - expenses that are overstated - assets that are understated - assets that are overstated

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Financial Statements

Financial statements (or financial reports) are the formal records of the financial activities that are undertaken by a firm. They are convenient instruments used for analyzing a company’s financial position and performance. Financial ratios are created with the help of the numerical values that are derived from the financial statements. They give meaningful information about the financial performance of the company.