Acc/280 Wk 1 Dq1

What argon the four basic monetary argumentations? According to our shoal text Financial Accounting, the four basic financial statements are income statement, a kept up(p) earnings statement, a dimension public opinion poll and a statement of cash flows. What do the different financial statements put you nigh a party? The income statement is about the revenues and expenses and resulting light up income or net loss of a follow for a specific stay of epoch. (Weygandt, J.J., 2008) A retained earnings statement reiterates the changes in retained earnings for a specific rate of flow of time. (Weygandt, J.J., 2008) The balance sheet go out list each of the assets and liabilities that the party has and on a particular date, the stockholders equity will be listed as well. The statement of cash flows will summarize what would rival to the cash access in (receipts) and the cash that would be coming out (payments) over a particular period of time. Whic h financial statement is the more or less utilitarian? I would forecast that since all four statements would pertain to the company that they are all as of the essence(p). Why?

The income statement is valuable because it will point whether the companys revenue exceeded expenses for a specific period resulting in net income or the amount the company whitethorn invite lost because the expenses exceeded the revenue. The retained earnings statement is equally classic because it will indicate the exact reason wherefore the companys retained earnings increased or decrease over the insurance coverage p eriod. The balance sheet is important becaus! e it is the overview of the companys financial condition at the time of the reporting period and the statement of cash flows is important because Reporting the sources, uses, and change in cash is useful because investors,creditors, and others sine qua non to know what is happening to a companys most liquid resource. (Weygandt, J.J., 2008) What types of information is provided to managers in your department and how do...If you want to adopt a full essay, order it on our website: OrderCustomPaper.com

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