Financial Statements Paper

history and Financial Reporting Principles of Accounting ACC/280 Accounting and Financial Reporting Accounting is a profession that has recently come under interrogation because of the scandalous practices of some business relationship professionals in a hardly a(prenominal) of the countries largest companies such as Enron and WorldCom. The high standards of honesty and integrity that accounting professionals atomic number 18 held to has been taken for granted by the public until the parole about the scandals broke. Honesty and integrity in accounting is no longer taken for granted. Corporate executives, investors, banks, and even the public atomic number 18 paying more attention to the numbers storyed by companies on their financial statements. The purpose of accounting is to present the true and accurate financial status of a ships company so that company employees, investors, bankers, suppliers, governments, customers, and the public can make informative financial decisions, depending on their individual interest in the company, regarding the financial wellness and future of a company. Financial statement preparation comes from two managerial and financial accounting records. The existence of bookkeping and financial reporting has been around for thousands of years.

The Four Basic Financial Statements The four basal financial statements paint a financial picture of a company at a certain point. These statements are the end sheet, income statement, change flow statement, and statement of shareholders equity. The four statements, although prepared separately, are interrelated because information is shared between the four assorted financial statements. For example, the retained earnings statements uses information from the income statement to report information for the balance sheet. The balance sheet summarizes a companys assets, liabilities, and owners equity at a given point. The income statement provides information about revenues and expenses during the reporting cycle. The cash flow statement... If you want to get a full essay, tramp it on our website: Ordercustompaper.com

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