Accounting activity we identified accounting practices as they relate to an element of organization. Take a moment to reflect on accounting practices in a business setting you are familiar with and discuss its three main financial statements.
Explain why each statement is important and how accounting is an integral part of an organization. If an organization has less than optimal accounting practices, how will that affect their business model?
2-3 paragraph
- Saylor (2013). Financial Accounting.
- Chapter 1: Why is financial accounting important (Links to an external site.)? pp. 6-30
- Chapter 2: What should decision makers know so that good decisions can be made about an organization (Links to an external site.). pp. 31-61
Articles & Websites:
- Ready Ratios (n.d.). Accounting analysis (Links to an external site.).
- Quick MBA (2010). 4 financial statements. (Links to an external site.)
- Accounting Simplified (2013). Definition: What are financial statements. (Links to an external site.)
- Browse this site to learn more about various financial statements.
- Kimball, T. (2014). The differences among financial statements (Links to an external site.). Houston Chronicle [online]
- International Federation of Accountants (2009). Appendix A: Examples of Organizational Values and Principles (Links to an external site.). In, Evaluating and Improving Governance in Organizations. pp. 20-21
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