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Financial Statements Paper

732 words - 3 pages

Financial Statements Paper
Thomas Hastings
Rolland Roup

Financial Statements Paper

In the accounting world there are four different financial statements. These financial statements provide a very wide amount of information which is very valuable information to internal and external users in many different types of companies. These four financial statements are the balance sheet, income statement, retained earnings and statement of cash flow. These four financial statements form the backbone of financial accounting. (Kimmel, Weygandt, & Kieso, 2009) Each of the four financial statements has its own use’s within accounting and each provides different and ...view middle of the document...

The internal user of accounting information is managers. The managers are the people who plan, organize, and run a business. As we all know there are many different types of manager within an organization these include but are not limited to marketing managers, production supervisors, finance directors, and company officers. (Kimmel, Weygandt, & Kieso, 2009) The financial statements provide information internal reports, such as financial comparisons of operating alternative, projections of income from new sales campaignes, and forcasts of cash needs for the next year. These managers have to answer many questions and the financial statements allow the managers to answer these questions correctly and in a timely manner. (Kimmel, Weygandt, & Kieso, 2009)
There are several types of external useres of accounting information. Investors(owners) creditors, taxing authorities, customers, labor unions, and reglatory agencies. The investors (owners) us the four financial statement to make important decissions such as wether to buy, hold, or sell stock. Knowing wether or when to buy, hold or sell stock can be vital information to an organization and its owners. Investment creditors such as suppliers and bankers can use the financial statements to evaluate the risk...

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