The general goals of financial reporting
The steps you took in the recording process
How the steps you took support the principles of accounting
The general goal of financial reporting is to be able to keep track of where your money goes. It also lets you know what your profits are and what expenses you have going out. This way you and your investors can see how the company is doing or it will let you know if you’re not making anything and need to get out before the company goes under too far. As for the steps that I took in the recording process, is I took a look at was coming in and going out. Here you want to make sure that everything is recorded correctly and under the proper headings. For example, say your investor gives you $25,00.00 dollars to invest in your company; well here you would put account receivables as a debit. The reason for this is because it is an income or profit that you can use. Something else, you have account payable, this is where you put what you pay an employee and it goes under credit because you have to pay that expense out of the company pocket. Have to make sure that everything is recorded correctly just in case the company gets outdid. The steps that I took help the principle of accounting by showing everything. Making sure the correct dates were put down and for what goes with that. I also made sure that each input was put in the right category. This shows all the statements that are in financial accounting. The company has to have all four statements in order to be successful.
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