Four Basic Accounting Statements Free Essay, Term Paper and Book Report
The Four Basic Financial Statements
Communication is an essential function of any accounting system. In addition to identifying and recording a companys economic events, an accounting system must be able to communicate this information. Financial statements are one method of so communicating.
The information contained within a companys financial statements is useful to anyone making decisions involving the company, such as its employees, managers, investors and creditors. Financial statements, therefore, follow a uniform format which facilitates comparison between different companies.
The four basic financial statements are the income statement, the retained earnings statement, the balance sheet and the statement of cash flows. Each statement begins with a heading which states the type of statement, the companys name and the date range reported. Individually, each provides information regarding a different aspect of the companys financial position over a period, or, in the case of the balance sheet, on a specific date. Together, these four interrelated reports of......
Word Count: 1069
Page Count: 4.2 (250 words a page / double spaced)
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