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ACC 290 PRINCIPLES OF ACCOUNTING I ACC 290 Week 1 Assignment Financial Statements Paper




Financial statements;Financial statements are used within a business to keep track of and document the organization?s financial activities. They show items such as credits, debits, profit and loss. They provide information about a company?s performance and financial position. The four basic financial statements are income statements, retained earning statements, balance sheet and statement of cash flow. Each financial statement serves a purpose to the organization. They may be useful to internal users such as managers and employees. They may also be useful to external users such as investors and creditors. Financial statement plays a vital role in an organization?s success and should be done accurately (Kimmel, Weygandt, & Kieso, 2011).;According to Kimmel, Weygandt, & Kieso the purpose of income statements is to report the success or failure of the company?s operations for a period of time


Paper#20674 | Written in 18-Jul-2015

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