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ACC 290 Financial Statements Paper (732 Words ? APA Format with References)




Financial Statements Paper;Introduction;Financial statements are formal records of the activities of a company, person or business entity. The purpose of financial statements is to enable a business to establish the results of its operations over a period of time and determine its worth at a specific date. This paper will identify the four basic financial statements and describe the purpose for each. This paper will also discuss how financial statements are used by internal and external users and the significance of each.;Types of Financial Statements;There are four basic financial statements. They include the balance sheet, income statement, cash flow statement and statement of owner?s equity, also known as the retained earnings statement. Each of these statements is interrelated and necessary for business decisions and required for reporting purposes.;Purpose of Financial Statements;The balance sheet, also known as the statement of financial position, provides detailed information about a company?s assets, liabilities


Paper#20693 | Written in 18-Jul-2015

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