Financial Statements Paper

Financial Statements Paper - Financial Statements Paper 1...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern