Week 1 Individual Assignment

Financial Statements Paper

ACC 290 Principles of Accounting

Introduction

A financial statement is a written report of the financial condition of a firm. Financial statements include the balance sheet, income statement, statement of changes in net worth and statement of cash flow.

In this paper I will identify the four basic financial statements and describe the purpose of each of the four financial statements. I will also discuss how the financial statements would be useful to internal and external users. Some of the users that will be discussed are managers, employees, investors and creditors.

Four Basic Financial Statements Explained

According...