ACC 557 Week 3 Discussion 1

ACC 557 Week 3 Discussion 1 - you take a further look at...

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Week 3 Discussion 1 Debate the necessity of preparing formal financial statement if all of the data are in the statement columns of the worksheet. Speculate as to the reasons why this has become common practice. The formal financial statement is a tool that only accountants use to produce formal financial statements for companies. its a detailed form that speaks volumes for a companies financial reputation. t shows that a company keeps track of all financial movements, everything is documented and if need be adjusted for it all to balance. When
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Unformatted text preview: you take a further look at the financial statement, there is a lot of information on the worksheet. It may start off as user friendly to the untrained eye, but when you get into completing the form out and balancing, it can throw you for a loop. if it is something that most companies use in accounting finance for verification. After doing the formal financial statements a few times, it will become like second nature to complete. Also good practice for people learning accounting....
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