FINANCIAL STATEMENTS: BY WHOM, FOR WHOM?

Financial statements are summaries of monetary data about an enterprise. The most common financial statements include the balance sheet, the income statement, the statement of changes of financial position and the statement of retained earnings. These statements are used by management, labor, investors, creditors and government regulatory agencies, primarily. Financial statements may be drawn up for private individuals, non-profit organizations, retailers, wholesalers, manufacturers and service industries. The nature of the enterprise involved dramatically affects the kind of data available in the financial statements. The purposes of the user dramatically affect the data he or she will seek.
KINDS OF FINANCIAL STATEMENTS

The balance sheet provides the user with data about available resources as well as the claims to those resources. The income statement provides the user with data about the profitability of the enterprise detailing......

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Title: How Are Financial Staments Useful
Approximate Word Count: 2472
Approximate Pages: 10 (250 words per double-spaced page)

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