Financial statements‚ also known as financial reports‚ record the financial activities of a business in short and long term. The four financial statements are: balance sheet‚ income statement‚ statement of retained earnings‚ and statement of cash flows. A balance sheet reports the assets‚ liabilities‚ and net equity on a company. An income statement reports income‚ expenses‚ and profits on a company. A statement of retained earnings shows a company ’s changed retained earnings. The statement
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The importance of financial statements in a business is great. There are several difference reasons for a business to need financial statements. Yet first‚ financial statements need to be explained in order to know how they are used. Financial statements usually present the picture of the financial health of a given entity. It is also critical that a business comes up with accurate financial statements‚ not only for their record keeping for for the purpose of satisfying external reporting expectations
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TASK 1: Financial statements are used by both internal and external users to make economic decisions. The information within the financial statement aims to provide information about the financial position‚ performance and any changes in financial position of an enterprise. Financial statements should be understandable‚ relevant‚ reliable and comparable. Reported assets‚ liabilities‚ equity‚ income and expenses are directly related to an organization ’s financial position. AstraZeneca
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The State of Statements: Balance Sheets‚ Income Statements and Statements of Cash Flow Robert M. Traynor‚ Ed.D.‚ MBA CEO/Audiologist Audiology Associates‚ Inc. Johnstown‚ Colorado Introduction For most audiologists the patient is foremost in mind as we provide hearing care services. Successful practitioners know that when their practice is centered on their patient’s welfare‚ success will usually follow. Probably the greatest responsibility of the Robert G. Glaser‚ Ph.D. CEO/Audiologist Audiology
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Financial Statements Paper There are for basic financial statements in accounting. Each one of these statements has their one nook within a company either negative or positive. The four are; the balance sheet‚ the income statement‚ the statement of retained earnings‚ and the statement of cash flows. I will discuss the how each is useful to both external and internal users. In the conclusion of this paper you will also understand the importance of each of these as well
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________________________________ Financial Statement Analysis Financial statement analysis (or financial analysis) the process of understanding the risk and profitability of a firm (business‚ sub-business or project) through analysis of reported financial information‚ by using different accounting tools and techniques. Financial Statement Analysis Tools Financial statements are usually the final output of companies accounting operations. These statements contain information relating to the revenues‚
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The Consolidated Statements of Earnings or the income statement tells financial statement users that there was a decrease in gross profit and net sales for the fiscal year 2008. The Consolidated Statements of Earnings show that the closing of underperforming stores‚ removal of new store openings from the pipeline‚ and staff reductions in many Home Depot projects resulted in $951 million in pretax charges. The difference profit and net sales is also a cause of fiscal year 2008 being 52 weeks and
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2004‚ many changes in the business procedures happened which includes name changes. Bursa Malaysia provides comprehensive exchange-related services which include trading‚ clearing‚ settlement and depository services (Dahmash‚ N.‚ 1995). There are numerous sectors listed under Bursa Malaysia; consumer products‚ technology‚ trading/services‚ industrial products‚ construction‚ plantation and more. Here in this paper‚ the discussion is focused on Zhulian Corporation Berhad‚ which is consumer product
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Running Head: FINANCIAL STATEMENTS Financial Statements Paper Ricardo E Mendoza University of Phoenix Principles of Accounting Sandra Hernandez 21 January 2010 Abstract In this paper I will discuss about the definition of accounting and the different financial statements that are use to monitor all the tangibles that flows within a company and how they relate to each other to control the flow of monies on any given business. Financial Statements Paper What is the purpose of accounting
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ASSESSMENT OF FINANCIAL STATEMENTS Assessment of Financial Statements Judith A Vicks FIN7014-8: Managing Financial Institutions Dr. Ekanayake: Northcentral University June 23‚ 2013 ASSESSMENT OF FINANCIAL STATEMENTS Abstract It is important to understand the differences in how earnings and liabilities are generated or reported for different financial institutions. This paper will describe key points regarding the balance sheets of different financial institutions. Commercial
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