Financial Statement Concepts IP
800–1,250 words
Write a paper in which you do the following:
- Identify the 4 basic financial statements.
- Describe the purpose of each of the 4 financial statements.
- Discuss the types of accounts that are found on each statement.
- Discuss how the financial statements would be useful to internal users, such as 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.
Answer Preview
There are four primary financial statements ( Biddle, G. C. (2015). Which are; Income statement also known as the profit and loss statement, which shows the revenues, expenses and profits/losses obtained during the financial period.It includes two elements which are the income which is what the business has gained over a period and expenses which is the cost incurred by the company over a period. It is considered one of the most…
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