Financial Statement Differentiation ACC/561 Financial Statement Differentiation There are basically four different types of financial statements. They consist of balance sheets, income statements, statements of cash flows, and statements of stockholders’ equity. Different aspects of a company’s accounting information are presented in each of these statements for use by investors, managers, creditors, etc. Assets, liabilities, revenues, and expenses are all represented on one or more of
Words: 610 - Pages: 3
numbers in the form of accounting and financial statements. Able to understand and properly use these statements is a critical component in truly knowing a business and properly assessing its total performance. In the accounting world there are four main financial statements commonly understood and prepared for most corporations and many small and medium-sized businesses: the income statement, the balance sheet, the statement of cash flows, and the statement of retained earnings, which may be referred
Words: 790 - Pages: 4
Financial Statement Differentiation ACC/561 Financial Statement Differentiation There are four different kinds of financial statements. These include the income statement, the statement of cash flow, the balance sheet, and the retained earnings statement. Each statement has a different focus and are used by investors, managers, and creditors to help make decisions about a business. Knowing which statements need to be used and when will help make any business more aware of where their funds
Words: 641 - Pages: 3
Financial Management of Health Care Organizations Latasha Rowell August 4, 2015 HCS/405 Conway Brew Financial Management In any business, financial managers should ensure that financial reporting practices and ethical standards are being met as well as maintained. These practices are vital in the financial success for any company, especially in health care finance. Within this paper, a summary of the four elements of financial management, generally accepted accounting principles, and general
Words: 877 - Pages: 4
Basic Accounting Concepts and Business Structures Topic 1 Four organizations are involved in the production of accounting standard: Securities and Exchange Commission (SEC), American Institute of Certified Public Accountants (AICPA), Financial Accounting Standards Board (FASB), and Government Accounting Standards Board (GASB). SEC The SEC is a federal organization that helps develop standards for financial information presented to stockholders. SEC requirements are based on FASB and AICPA standard
Words: 687 - Pages: 3
The Importance of Accounting Theory to the Field Of Accounting The objective of theory is to explain and predict. One of the basic goals of the theory of a particular discipline is to have a well-defined body of knowledge that has been systematically accumulated, organized, and verified well enough to provide a frame of reference for future actions. The Webster’s definition of theory is the systematically organized knowledge, applicable in a relatively wide variety of circumstances, a
Words: 1885 - Pages: 8
Basic Fundamentals of Financial Statements Miguel A Guzman Acc/ 290 April 25, 2012 Steve Jarvis The Four Financial Statements Nobody denies having the four primary financial statements for your business could provide personal data to others, outside sources being interested in the nature of business for opportunities to invest or to be audited from an internal or external position. Following this further the balance statements provides overview or a snapshot of the business financial stability
Words: 781 - Pages: 4
The four basic financial statements are income statement, retained earnings statement, balance sheet, and statement of cash flow. Each of these statements has specific value for internal and external users to use them for. These statements can help a company determine how well they are doing in the market. By evaluating the information given in these statements there may even show potential for a company to grow. The income statement shows a company’s revenues, income, and expenses. With this
Words: 511 - Pages: 3
Financial Statements Part Two Home Depot is a retailer that operates in the home improvement industry. The company sells building materials and home improvement products. Part Two of the Financial Statements paper will assess the financial statements of Home Depot to ascertain how effective the company’s management is in achieving its goals and mission statement to the stakeholder’s. The analysis will use vertical analysis, trend analysis, and ratio analysis to achieve to support the findings
Words: 1221 - Pages: 5
accounting, and identify the four basic financial statements. The paper also explains how the different financial statements are interrelated to each other and why they are useful to managers, investors, creditors, and employees. What is accounting and why is it so important? Accounting is the financial information system that provides need to know information about your company. “Essential characteristics of accounting are identification, measurement, and communication of financial information about economic
Words: 740 - Pages: 3
