Financial Statement Paper

Financial narration piece Barbara Watson ACC/290 February 1, 2012 Courtney Wilson Financial Statement newspaper publisher In any business or organization that is established there has to fiscal records kept consistently to be as follows; (1) compliant with federal business laws, (2) in accordance with unceremonious Revenue Service, and last no fraudulent reporting in profit gains. In this paper I will crusade to explain the four basic financial statements, describe their purpose, and the not bad(predicate) to both external and internal users. The four basic financial statements of any keep company or organization be as follows; (1) the Income Statement, (2) well-kept internet, (3) Balance Sheet, and (4) Statement of Cash time periods. These statements be usually prepared at a specific mebibyte of the year, either on a monthly, quarterly, or annual foot (Lewis, 2009). . The Income Statement basically denominates the fees earned minus operate ex penses to designate if the company o organization is profitable. The Income Statement uses what we call a interconnected concept, which is, seeing if the expenses are matched with the revenue that is generated in the alike(p) time period as the expense. If the records show that the earning fees are much than the operating expenses, then the company or organization has definitely generated a net profit.

However, if the operating expenses are greater than the earning fees than we butt end call for that company has a net loss The Retained Earnings Statement provides information based on precedent income scatte ring to the possessor and shareholders in t! he form of dividends, and much was retained for in store(predicate) growth The Balance Sheet displays the companys assets, liabilities, and the owners equity, that is, a statement is prepared to show the giant picture of what the business owns and what it owes. The Statement of Cash Flow has 3 different parts; (1) notes flow from operating activities, (2) notes flow from investments, and (3) cash flow from financial activities. This...If you want to get a full essay, order it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper