Financial Statement

Financial Statement Among the well-respected profession Accounting is at its utmost significance, to name a few, people like Phil Knight, who founded the world renowned brand Nike, to the Co-Founder of the country’s largest home make-over retailer, Home Depot, and even a former acting-director of the Federal Bureau of Investigation Thomas Pickard are just a few well-known individuals who engaged themselves in the business of Accounting. The history of Accounting dates-back several hundred years ago, “Accountants participated in the development of cities, trade, and the concepts of wealth and numbers. Accountants invented writing, participated in the development of money and banking, invented double entry bookkeeping that fueled the Italian Renaissance, saved many Industrial Revolution inventors and entrepreneurs from bankruptcy, helped develop the confidence in capital markets necessary for western capitalism, and are central to the information revolution that is transforming the global economy.” (G.Giroux) In an individual’s point-of-view Accounting is managing an account in all forms, money mostly; learning how to balance the check book is a common terminology for most ordinary people. Accounting can have a positive effect and can be beneficial to a business, even personally, but in business, Accounting can help identify and minimize shrinkage in profit, and also maximize profit-growth. Personal level of Accounting can also help an individual maximize his or her wealth when one’s accounting knowledge is applied accurately. The purpose of Accounting is to help either an individual or a firm succeed, whether in a business platform or just simply, life. Accounting can provide the information necessary for a firm or individual make an informed-decision, it can generate a report that offers performance assessment