Financial Statements Paper

Financial Statements Paper - Financial Statements Paper 1...

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Financial Statements Paper 1 Abstract Within the confines of this paper we will be defining the purpose of accounting while also identifying the four basic financial statements. We will furthermore examine how the financial statements are related to one another and used by managers, investors, creditors and employees alike. Financial Statements Accounting, as described in our text, Financial Accounting, “is an information system that identifies, records, and communicates the economic events of an organization to interested users.” (Weygandt, 2008) In essence, accounting provides financial data that can be used by many different people for many different reasons. For example, companies use accounting to track financial events that are in line with its business. Once they have determined what events they want to track they begin to record and establish a financial history or chain of events that tells a complete story of what is happening financially within the organization. Once the history has been captured, many companies then look to communicate the data out to people who may have a vested interest in how the company is performing. The communication comes in
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