Financial Statements

Financial Statements ACC/280 Financial Statements Paper account statement is an important segment to each organization. It communicates the pecuniary state of any organization. Accounting has ternion canonical activities: identify, record, and communicate. There be four basic financial statements which ar holdful to managers, investors, creditors, and employees. These four basic financial statements argon furbish up and consist of: income statement, contain salary statement, balance sheet, and statement of mixture flows. Accounting is an information system using three bedrock activities which are identify, record, and communicate scotch events to interested users. Companies identify economical events relevant to its business. Financial activities are recorded systematically in a chronological order of events to provide history. Recording in addition impart classify and summarize economic events. The bookkeeping melt is included in the recording of eco nomic events. Accounting reports are then communicated to interested internal and external users by doer of financial statements. Internal interested users are individuals within the troupe who plan, organize and run the business. These users can be comprised of pay directors, trade managers, human resources, or management.

External interested users are comprised of individuals outdoors the corporation. Two most common of external users are investors and creditors. Investors will use this information to decide whether to buy, hold, or denounce stock. Creditors use this information to evaluate the risks associate d with granting credit or contribute curre! ncy to the organization. An income statement some epochs referred to as the statement of operations, earnings statement, or profit and loss statement presents the revenues and expenses and resulting gelt income or net loss of a company for a specific hitch of time (Weygandt, 2008). Retained earnings statement reports changes in retained earnings for a specific period of time which...If you loss to get a full essay, order it on our website: BestEssayCheap.com

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