ACC 290 Week 1 DQ1
ACC 290 Week 1 DQ1
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This 0 page Study Guide was uploaded by kimwood Notetaker on Friday November 13, 2015. The Study Guide belongs to a course at a university taught by a professor in Fall. Since its upload, it has received 16 views.
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Date Created: 11/13/15
Week 1 D01 What are the four basic nancial statements What is the primary purpose of each of the four basic nancial statements In your opinion which nancial statement is the most important Explain why The four basic financial statements are income retained earnings balance and statement of cash ows Financial statements provide a means for the business to judge the results of their operational or financial performance over a period of time Income statements provide investors and the business a description of how profitable the business is performing within a specific period in time Retained earnings are income that is left in the company reinvested that was not distributed to the stockholders This statement explains why the retained earnings increased or decreased during a specific period in time Balance sheets relay the financial status of the business at a specific period in time The balance sheet lists the business assets liabilities and stockholder equity or assets liabilities stockholder equity Statement of cash ows shows the gross receipts and gross payments or liquidity over a specific period in time These transactions include cash effects of operations investing transactions net increase decrease and the cash ending amount The financial statement that I feel is most valuable is the statement of cash ows This statement is just an in ow and out ow report of where the business stands This statement allows lookers to understand how well not well operations are performing and it shows where money is coming in and going out References Kimmel P D Weygandt J J amp Kieso D E 2011 Financial accounting Tools for business decision making 6th ed Hoboken NJ John Wiley amp Sons University of Phoenix 2011 Week One Supplemental notes four basic financial statements Retrieved from University of Phoenix ACC29O Principles of Accounting I website
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