Week 1 Team Assignment - Learning Team Reflection Week 1 1...

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Learning Team Reflection Week 1 1 Learning Team Reflection Week 1 ACC/290 April 20, 2015 Instructor Paulette Schirmer Learning Team Reflection Week 1
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Learning Team Reflection Week 1 2 This week’s learning objectives were identifying the four basic financial statements, posting transactions form journals to ledgers, and comparing Generally Accepted Accounting Principles (GAAP) to the International Financial Reporting Standards (IFRS). The Four Basic Financial Statements There are four basic financial statements: a balance sheet, income statement, statement of retained earnings, and statement of cash flow. The purpose of a balance sheet is to describe and report business activities. Such activities include liabilities, assets, and stockholders equity. This useful and simple financial statement allows potential lenders or stock purchasers an overall view of the operating assets of a company. An income statement shows a company’s potential to sell services and or goods for more than it cost to make and ship goods, and also indicates advances of the business future earnings.
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