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10-13-09-FINAL - Individual Project 1 Running head...

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Individual Project 1 Running head: ACCOUNTING IN THE ORGANIZATION Phase 1 - Accounting in the Organization Claudia Pelaez Colorado Technical University Online ACC350-0904A-02: Managerial Accounting Practices. Instructor: Jacob Gordon October 13, 2009
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Individual Project 2 External uses of Accounting: The duties of financial accounting are mainly to record the company operations and prepare financial statements. This department has the responsibility of gathering, recording and evaluating every one of the financial transactions in a company. Its fundamental function has to do with the elaboration of the financial statements, starting with the journal until getting to the income statement and balance sheet. The main intention of the financial statements is to be analyzed by third parties such as banks, investors, lenders etc. A company usually prepares these statements periodically, almost always on a monthly or quarterly basis. The most important financial statements are: Balance sheet: In this report we find all the assets and liabilities of a company. It discloses the picture of the firm in a particular date of time. Income statement: this report, releases the performance of the firm. Here we can tell how well the company is doing, if it has profits or losses. Statement of cash flows. This report shows all the information related to the cash movements of the firm, such as receipts and cash payments. The main function of financial accountant is to provide information to banks, people interested in making investments, etc.
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