The degree of usefulness does vary, dependent on the company’s operations

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.

Response:
The degree of usefulness does vary, dependent on the company’s operations. If the operations and profits are more closely tied to the tangible assets and liability obligations (i.e. manufacturing companies), then financial statements will be more useful then companies with more intangible or human capital assets.