Financial Statement

financial Statement Paper
P Agnes Pierre Louis
ACC/280
September 26, 2011
Minh Truong

Financial Statement Paper
In todays origin human being it is required to keep an accurate account for assets and liabilities of each phoner. uncorrupted and ethical account educational activity practices fag end build the base for a strong and profitable company if the information is used properly. The description of accounting is obvious but one most hit the hay the purpose of accounting which will be covered in the following paragraphs. There ar quaternion financial averments that ar prepared by companies in todays rules of order as a form of reporting accounting companies. Those statements are income statement, retained earnings statement, balance sheet, and statement of cash flows. totally of which are reviewed as well to provide a shade understanding of accounting in todays society.
chronicle consists of identifying, recording, and communicating the economic events of an organization to elicit users (Jerry J. Weygandt, 2008, p. 4). The purpose of accounting is to keep track of all financial events in the company for the internal users or management to make sound decisions regarding the business and also for external users such as investors and other interested parties to be well informed of the businesses financial health as well.



If accounting is done correctly and ethically, information gathered can be used in put into one of the four financial statements.
Income Statement
The income statement should provide an accurate display of a companys revenues and expenses for a period of time that finally gives the net income or net loss for a company. The income statement is also usually referred to as the profit and loss statement. The income statement is very useful to management to show where the company stands at a given time. Most companies provide income statements monthly or quarterly depending on the line of business. The income statement is a fair accounting tool to see where the...If you want to get a full essay, order it on our website: Orderessay



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