You are the accountant for a large proprietary company and have advised the CEO… 1 answer below »

You are the accountant for a large proprietary company and have advised the CEO that to comply with accounting standards, the company is required to prepare a statement of financial position. The CEO questions the usefulness of the statement as he has stated that all he needs to know is if the company, has made a profit and the balance of his bank account.
Required:
Prepare a response to the CEO in the format of an email discussing the purpose and any limitations of the statement of financial position. Your response should be referenced where appropriate.