W1 Financial Statements Paper

W1 Financial Statements Paper - 1 Financial Statements...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Financial Statements Paper Financial Statements Paper Brandi Murobayashi ACC 280 Principles of Accounting October 31, 2011 Charles Cornett
Background image of page 1

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

View Full DocumentRight Arrow Icon
2 Financial Statements Paper Financial Statements Paper This paper will define the purpose of accounting and identify the four basic financial statements. Additionally, this paper will explain how each of the four basic financial statements are interrelated and why they are useful to managers, investors, creditors, and employees (University of Phoenix, 2011). Purpose The purpose of accounting is to identify, record, and communicate the events of a company to managers, investors, creditors, and employees. Companies identify economic events that are relative to its business such as sales, payments to vendors, and payments of salaries to its employees. Next the company records these events. Most companies record these events into an accounting information system where they classify and summarize these events. Finally the company communicates the information to users through accounting reports. The most common reports are financial statements. The four basic financial statements are the income statement, retained earnings statement, balance
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 5

W1 Financial Statements Paper - 1 Financial Statements...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online