Financial Statements

Principles of Accounting/ACC280

Abstract

Understanding what is happening financially in the company insights provides the financial information system of accounting. One must have knowledge of numbers when working in accounting. The three basic activities in accounting are identifies, records, and communicates. The four financial statements are income statements, retained earnings statement, balance sheet, and statement of cash flow. Internal and external users are the groups that review financial information (Weygandt, 2008). The preparation of financial statements, are in an uncomplicated layout, easy to understand. Reporting financial statement accurately is important because if there is an error this can cause complications for the company or organization.

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