ACC 290 Week 1

Week 1

Individual Financial Statements Paper

Write a 700- to 1,050-word paper in which you do the following:

Identify the four basic financial statements.

Describe the purpose of each of the four financial statements.

Discuss how the financial statements would be useful to internal users, such as to managers and employees.

Discuss how the financial statements would be useful to external users, such as investors and creditors.

Format the paper consistent with APA guidelines.

Discussion Questions

What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion, which financial statement is the most important? Explain why.

How would the financial statements be useful to managers and employees? How would the financial statements be useful to investors and creditors?

What are debits and credits? How are debits and credits used to record business transactions?

Why do accountants debit asset accounts to increase them but credit liability accounts to increase them? Why do accountants debit expenses to increase them but credit revenues to increase them?