Financial statements are written records that convey the business activities and the financial performance of a company. Financial statements are often audited by government agencies, accountants, firms, etc. to ensure accuracy and for tax, financing, or investing purposes. There are many uses for financial statements and the information contained in each financial statement can communicate important information to the user.
ASSIGNMENT: For this week’s discussion, submit your initial discussion post by responding to the following:
Name the four main financial statements that a business would use.
Choose one of the four financial statements and explain the following in your own words:
What are the important aspects of the statement you have chosen?
How does one complete the statement?
- What does each part of the statement show?
- How does this financial statement work with the other statements?
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