How To Refute The Following Statement To Be Evaluated:
Financial statements are useless because they are incomplete. Not all assets or liabilities are in included.
Financial statements are useful. The better question to ask is to what degree are they useful? The more we can tie the operations to the accounts, if we can ensure ethical and trustworthy behavior (that may sometimes mean “in accordance to GAAP”), and changes are transparent and communicated, then effectively, the higher the degree of usefulness.