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Financial reporting is a requirement of the U.S. Securities and Exchange Commission. The Financial Accounting Standards Board establishes the standards for financial reporting. Financial reporting is done via financial statements. This paper is intended to give the reader an understanding of the audience, purpose and nature of financial statements as well as an understanding of the use of financial accounting information in making informed and ethical business decisions. After reading this paper, the reader should be able to (a) define a financial statement, (b) define the audience, purpose and nature of financial statements, (c) describe the four types of financial statements, and (d) explain how financial accounting is useful for making business decisions.
Audience / Purpose of Financial Statements
A financial statement is a "report containing financial information about an organization" (Answers Corporation, 2007). Financial statements are essential pieces of......
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Title: Financial Statements
Approximate Word Count: 894
Approximate Pages: 4 (250 words per double-spaced page)
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Importance Of Financial Statements
Importance of Financial Statements. Financial statements, also known as financial
reports, record the financial activities of a business in short and long term. ... ... -
Basic Financial Statements
Basic Financial Statements. ... Many companies issue financial statements for each
month, then each quarter, one year, three years, and five years. ... ... -
Financial Statements
Financial Statements. Financial reporting is a requirement of the US Securities
and Exchange Commission. ... Financial reporting is done via financial statements. ... ... -
Four Basic Financial Statements
Four Basic Financial Statements. ... Financial statements are a key tool in seeing and
understanding the past, present and future condition of an organization. ... ... -
Financial Statements
Financial Statements. ... (Block & Hirt, 2005) Sound accurate financial statements
are key to making informed, ethical business decisions. ... ...
