Financial Statement

fiscal Statements Paper The purpose of news report passel be defined as a method to applying quest for of pecuniary Statements and accounting support to a business or organization. report of a business can give an every(prenominal) overview of the cash draw of a corporation and chink the pecuniary position. Through Financial Statements a ships beau monde can keep arrest over its assets. It can withal provide an sharpness over the social club or organizations monetary situation in a short term as well as a long term. A company can determine the outcomes of business operations and have control over the pecuniary position in which it stands. account bid also permits the company to cod plans with the companies finance and the company can make any changes necessary. The Accounting Department is responsible for accounting records such as: accounts payable, accounts receivable, employee payroll department, inventory, and some(prenominal) other financi al basics. The accounts receivable records goods get and the accounts payable records the payments the company may owe. The goods received through accounts receivable atomic number 18 assets and the give through accounts payable are liabilities. The payroll pays the employees including all the reachs the company offers and the government demands.

The Accounting Department keeps cover up of the inventory in pose to keep in frame the companys cash flow. There are quartette basic financial statements used in accounting that are records of all the financial activities of a company, business, organization , person or entity. These quaternion basi! c financial statements are: equalizer Sheet, Income Statement, Statement of Stockholders or Owners Equity and Cash flow Statement. These statements are all related and it is very important to understand them for the benefit of the companies finance and assessment. For Balance Sheets there is the equation: assets equal liabilities, positive shareholders equity. These assets are classified as rate of flow assets which are also called liquid because they...If you want to get a full essay, order it on our website: BestEssayCheap.com

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