Week 7 dqs

DQ 1

What do you think is the major purpose of financial statements? Why? Explain what type of information can be derived from each statement. List references if you use a source other than the text.

Fiscal reports keep the important point. Their goal is to assist a company to identify in a written report to the financial status of the company. There are 4 fiscal reports which help a company decide their financial status.

Balance Sheet is a fiscal document which records the assets, debts and equity of a firm at a precise time and is utilized to compute the net value of an organization. The balance sheet should balance.

Income Reports or profit and loss report record the earnings of a firm by expressing all income and all expenditures which have been obtained to create...