INTRODUCTION
BACKGROUND OF THE STUDY
Each person like every business requires
some measures of both financial
position and financial performance in
assessing his financial conditions. The financial positionascdepictsrtain
one’spoint wealin financial performance describes once.
Financial statements according to
Illoumezie (2006:33) are like compasses “which navigators use to l
People use them to
gauge their financial positions at various points in their lives in order to
judge their progress towards their financial goals.
Financial
statements according to meigs and meigs (1981:28) refers to reports which summarize
the financial position and operating results of a business (balance sheet and
income statements). It referred to as genera purpose that satisfy the need of
many groups generally called stakeholders. These groups are particularly
concerned with the risk inherent in and returns provided by their investments,
and who require accounting information to enable their assess the ability
whether they should buy, hold and sell their investments.
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