Acc225 Week 1 Checkpoint Financial

CheckPoint Financial Statements Consider that you have been asked to explain pecuniary narratives to somebody who knows nonhing about accounting. Review the learning on financial financial statements in Ch. 1 of Fundamental Accounting Principles. Discuss, in two ampere-second to 300 words, each of the four financial statements. Explain the several(predicate) components of the statements as well as what the statements tell about a business. There argon four main financial statements. They argon: (1) income statement; (2) Statement of owners equity; (3) counterpoise sheet; and (4) statement of funds flows. Income statements show how much gold a order made and spent oer a issue of time. Balance sheets show what a partnership owns and what it owes at a fixed point in time. Statement of property flow shows the exchange of money between a company and the outside world also all over a time period of time. The fourth financial statement, called a Statement of owner s equity, shows changes in equity from net income (or loss) and from the owners investments and withdrawals over a period of time.

The changes in assets and liabilities that you see on the equalizer sheet are also reflected in the revenues and expenses that you see on the income statement, which result in the companys gains or losses. specie flows provide more discipline about cash assets listed on a balance sheet and are related, but not equivalent, to net income shown on the income statement. No one financial statement tells the complete story. But combined, they provide very powerful information for investors. And info rmation is the investors best tool when it c! omes to investing wisely.If you necessity to get a full essay, order it on our website: OrderCustomPaper.com

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