Accounting Paper 1

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Ebony Riley
11/17/14
XACC/ 290

Financial Statements provide information about the financial position, performance, and changes in financial position of an enterprise. The financial statements are created and handed out each period and the statements include the balance sheet, the income statement, and the statement of stockholders equity. Managers, investors, creditors and employees use financial statements to make future decisions and to consider the financial level and health of the company. Managers use financial statements to evaluate the performance of the company. When managers use the financial statements they can compare them with their internally used financial statements. Investors use financial statements to review the return of their funds. Creditors use financial statements to make lending decisions to companies. Employees look at the income statement to maintain responsibility for managing certain expenses reported on the income statement. They also look at the statements of cash flow to make sure the company manages its cash well and to make sure they are going to continue to meet payroll. Many businesses have four major financial statements including: the income statement, balance sheet, cash flow statement, and statement of shareholders equity. An income statement is a firm revenues, gains, expenses and losses are listed on this statement. Expenses on the income statement are the costs with the earning revenue. The balance sheet includes the equal

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