ACC220WK2Assign2 (2) - Financial Statements 1 Financial...

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Financial Statements 1 Financial Statements Tina Suglia Axia College of University of Phoenix
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Financial Statements 2 Financial Records are important documents that are kept for every company. These financial records show the history of the company’s transactions of proof that they were conducted and done correctly. In any company it is important for each one to keep organized by keeping track of everything that is going in and out of the company’s financial records. Auditing can be conducted on a company at any time and every company must keep every important document neatly and well organized. A company uses four main different financial statements, each of which reflects a different part of where their company stands for the present and the future. Whether they have a strong outlook or whether their company could be going into financial problems. One of the important financial statements includes a Balance Sheet that has a certain time period at the top that it covers for with all the current information about the company. The balance sheet shows what the business owns like its assets, and what the company owes like its liabilities. Claims of creditors associated with the company are called liabilities; Claims of owners are called stockholder equity. The Balance Sheet
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This note was uploaded on 01/07/2012 for the course COM 155 155 taught by Professor Shepherd during the Spring '10 term at University of Phoenix.

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ACC220WK2Assign2 (2) - Financial Statements 1 Financial...

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