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ACC 220 WEEK 2 ASSIGNMENTS - FINANCIAL STATEMENTS

ACC 220 WEEK 2 ASSIGNMENTS - FINANCIAL STATEMENTS - Week 2...

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Week 2 Assignment: Financial Statements Due Date: Day 7 [Individual] forum Write a 350- to 700-word paper, using APA guidelines, describing a balance sheet, income statement, retained earnings statement, and statement of cash flows. How does a company use these financial statements to make future business decisions? Use and define the following terms in your paper when explaining how a company uses the information on the statements: o Assets o Comparative statements o Liabilities o Stockholder’s equity Post your paper as a Microsoft© Word attachment.
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Companies use several tools such as a balance sheet to make sound business decisions. A balance sheet is a financial statement that shows a summary of a company's or individuals assets, liabilities and shareholders' equity of a period of time usually after the fiscal year. Assets are items of ownership convertible into cash. This report shows the expenses, debts, and the amount of money invested by the shareholders. The assets and liabilities are separated into short-term and long-term obligation such cash, money markets, government securities and accounts payable. In financial scenarios, liabilities are monies owed, debts, or monetary obligations.
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