Financial Statements XACC/290 January 12‚ 2014 Melissa Drayton Financial Statements There are four basic financial statements: balance sheet‚ income statement‚ retained earnings statement‚ and statement of cash flows. These financial statements would include an overview of the assets‚ liabilities‚ expenses‚ and revenues of the business. Financial statements are useful not only to internal user; such as managers and employees‚ but also to external users; such as investors and creditors to
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Relevance and reliability are two of the four key qualitative characteristics of financial accounting information. The others being understandability and comparability. Relevance requires that the financial accounting information should be such that the users need it and it is expected to affect their decisions. Reliability requires that the information should be accurate and true and fair. Relevance and reliability are both critical for the quality of the financial information‚ but both are related
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Financial Statements Accounting is a function by which users can understand the internal financial workings of a company. Use of public accounting dates as far back as the late nineteenth century (Hendrickson‚ 2007) and continues today under the set guidelines that accounting professionals refer to as generally accepted accounting principles. These principles are set in the United States by the Financial Accounting Standards Board and the Securities and Exchange Commission (Weygandt‚ p. 9‚ 2008)
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Financial Statements Tonjes Bolden ACC/280 May 31‚ 2011 Financial Statements Accounting defines as a systematic report and analysis of an organization’s financial transactions
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ABC SDN. BHD. (Incorporated in Malaysia) REPORTS AND FINANCIAL STATEMENTS 31 December 2010
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Financial Statements Financial statements are records of relative financial information of organizations that are highly valuable to both internal and external users of that organization. The following four basic financial statements constitute the foundation of accounting: * Balance sheet * Income statement * Retained earnings statement * Statement of cash flows Purpose of the Financial Statements The balance sheet shows a clear picture of the organization’s financial
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company’s accounting statements or financial statements and making comparisons with relevant information Financial Ratios are measures of relative values of key financial information. Ratio Analysis involves methods of calculating and interpreting financial ratios to assess the firm’s performance. Ratios are measured as (1) percentages; (2) times or multiples; and (3) number of days. Ratios are of interest as key indicators of financial health to: shareholders
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THE FOUR TYPES OF PARAGRAPHS (With Examples) There are four types of paragraphs we write. They include: narrative‚ informative‚ descriptive‚ and persuasive. All paragraphs have certain elements‚ but the four types are also different from one another in how they are composed. Look at the outline about paragraphs in general. All paragraphs: 1. It has a strong beginning‚ or introduction sentence‚ which states the main idea clearly. 2. It has several supporting sentences which make up the
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CHAPTER-I FINANCIAL STATEMENTS LEARNING OBJECTIVES After studying this chapter‚ you will be able to: • Explain the meaning of financial statements of a company; • Describe the form and content of balance sheet of a company; • Prepare the Balance Sheet of a company as per Schedule VI Part I of the Companies Act 1956. • Know the major headings under which the various assets and liabilities can be shown. • Explain the meaning‚ objectives and limitations of analysis using accounting
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Four Types of Writing: There are four types of writing or four writing styles that are generally used. Knowing all these four different types of writing and their usages are important for any writer. A writer’s style is a reflection of his personality‚ his unique style‚ his voice and his way to approach his audience and readers. Generally there are four different types or styles of writing. Following are their names and details: 1. Expository Writing: Expository writing is a subject-oriented
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