Acc 220 week 2day7 - Financial Statements Financial...

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Financial Statements Financial Statements Johnise Caesar October 17, 2010 ACC 220 Alicia Hubbard
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Financial Statements Financial Statements Financial statements are the records that a business keeps to keep track of how the business is performing. The four basic types of financial statements that businesses use include statement of cash-flow statements, balance sheets, income statements, statements of owners equity. Balance sheets are the financial statements that keep track of a business financial standing at the end of specified times. Some businesses track the progress quarterly and others track it yearly. The balance sheets allow potential investors to see company’s assets as well as its liabilities. A businesses asset can include land, the cash it has on hand, Insurance, its office equipment, and anything else that the business owns. Its Liabilities is any debt that the company will owe throughout the year. Companies use balance sheets to determine if they will have
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