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Financial Statements

Financial reporting is a requirement of the U.S. Securities and Exchange Commission. The Financial Accounting Standards Board establishes the standards for financial reporting. Financial reporting is done via financial statements. This paper is intended to give the reader an understanding of the audience, purpose and nature of financial statements as well as an understanding of the use of financial accounting information in making informed and ethical business decisions. After reading this paper, the reader should be able to (a) define a financial statement, (b) define the audience, purpose and nature of financial statements, (c) describe the four types of financial statements, and (d) explain how financial accounting is useful for making business decisions.
Audience / Purpose of Financial Statements
A financial statement is a "report containing financial information about an organization" (Answers Corporation, 2007). Financial statements are essential pieces of......


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Approximate Word Count: 894
Approximate Pages: 4 (250 words per double-spaced page)

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