Informational Accounting - week 1 Free Essay, Term Paper and Book Report
Running head: INFORMATIONAL ACCOUNTING PAPER
Informational Accounting Paper
Introduction
Motivational speaker Jim Cathcart once said, More business is lost annually through neglect than any other cause (Essay Boom, 2007). If business owners do not establish control over their businesss finances, they may find themselves out of business (Wells, 2004). Successful business owners constantly evaluate the performance of his or her company. Business owners face tough decisions on a daily basis; and, the best way to make informed business decisions is by analyzing the companys financial statements. These statements are like road maps to economic success and can help detour costly breakdowns. Three of the most important financial statements business owners need to maintain are the income statement, balance sheet and statement of cash flows.
Essential Financial Statements and Their Purposes
The income statement is a summary of the businesss income and expenses during a given period ---this could be a year, a quarter or even one month. Items are indivi......
Word Count: 1282
Page Count: 5.1 (250 words a page / double spaced)
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