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youngbloodz youngbloodz
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Define forecast and projection.
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Auditing and Assurance Services

Auditing and Assurance Services


Edition: 17th
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timmcgraw1994timmcgraw1994
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Forecasts are prospective financial statements that present an entity's expected financial position, results of operations, and cash flows, to the best of the responsible party's knowledge and belief.
Projections are prospective financial statements that present an entity's financial position, results of operations, and cash flows, to the best of the responsible party's knowledge and belief, given one or more hypothetical assumptions.
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