Acc 280 Principles of Accounting Week 1 Ia Financial Statements

Topics: Income statement, Generally Accepted Accounting Principles, Balance sheet Pages: 4 (877 words) Published: June 18, 2013
Financial Statements
Principles of Accounting/ACC280
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Abstract
Understanding what is happening financially in the company insights provides the financial information system of accounting. One must have knowledge of numbers when working in accounting. The three basic activities in accounting are identifies, records, and communicates. The four financial statements are income statements, retained earnings statement, balance sheet, and statement of cash flow. Internal and external users are the groups that review financial information (Weygandt, 2008). The preparation of financial statements, are in an uncomplicated layout, easy to understand. Reporting financial statement accurately is important because if there is an error this can cause complications for the company or organization.

Financial Statements
Accounting is the financial information system, which provides the understanding of what is happening financially in the company insights and provides an exceptional contribution to the success of any small or large company. Specifically, accounting assists company owners in their management decisions by providing valuable financial information. In an accounting career there is a set of customary principles and regulations guide to follow in financial reporting. The three basic activities in accounting are identifies, records, and communication. Financial reports consist of a set of customary principles named general accepted accounting principles (GAAP). The four financial statements are an income statement, retained earnings statement, balance sheet, and statement of cash flows. The two broad groups of users of financial information are internal users and external users. Accountants have ethical responsibility to report financial information accurately. Report information given to users should always be accurate and reliable. The reports information presents users with an uncomplicated...

References: Weygandt, J. J. (2008). Financial accounting (6th Ed.). Hoboken, NJ: John Wiley &
Sons.
The faculty member has updated scores and/or feedback for this Assignment (You can also go to your student website to view the details). |
| ACC/280 - BSCY0V6QS6Grades through Week 1 | Cumulative Score:8.65/9 (96.11%) |
  | Possible Score | Your Score |
Week 1 |
Financial Statements Paper | 5.0 | 4.65 |
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