Financial Statements Paper (wk 1)

Financial Statements Paper (wk 1) - 1 Financial Statements...

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1. Financial Statements Paper 1 Running head: FINANCIAL STATEMENTS PAPER Financial Statements Paper Aaron Johnson ACC/280 Principles of Accounting University of Phoenix
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1. Financial Statements Paper 2 Financial Statements Paper In the business world financial statements provide information about a company’s financial position, performance or any financial changes in a business. Four basic financial statements are used in accounting. Throughout this paper the purposes for accounting and the basic financial statements will be discussed. Accounting Accounting has three basic activities. These activities include identifying, recording, and communicating the economic events of a company (Weygandt, 2008). A company is able to identify economic events by selecting economic events relevant to its business (Weygandt, 2008). For example, identifying the sale of tires by Tire Warehouse would be an example of an economic event. Next, the company would record these events to provide a history of financial activities (Weygandt, 2008). Weygandt (2008) states that the company then, “communicates the collected information to interested users by means of accounting reports”(¶5). The most common
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