Financial Statements and There Importance in Outside Interests

Financial Statements and There Importance in Outside Interests

ACC 205

Financial statements are used in accounting to give an accurate representation of the financial health of a given business or entity. These statements and their underlying importance of accuracy cannot be overlooked. It is of the utmost importance for a business to present accurate financial statements not only to meet reporting requirements internally, but also to satisfying outside reporting expectations. This is particularly crucial when it comes to outside business interests because potential investors and potential lenders need to access financial statements in order for them to make decisions based on the financial status and overall performance of...