ACC 290 Four Financial Statements

Week one's reading talked about the four basic financial statements and how financial statements would be useful to external users. We also learned the rules of credits and debits. As a team, we have come together and discussed how these objectives relate to the practice of accounting and its uses in business.

The four basic financial statements are Balance Sheet, which includes a summary of a company's assets, liabilities, and shareholders equality at a specific point and time. The Balance Sheet show stock holders' what the company owes and owns. The Income Sheet measure a company's financial performance over a specific accounting period and shows how the company incurs its revenues and expense through both operating and non- operating activities....