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Financial Statement Paper
Accounting 290
Principles of Accounting

Financial Statement Paper

Today I am going to identify the four Basic Financial Statements, by describing the purposes that each one serves, and the benefits it has among different users.
To start, I am going to take a look into what the four basic financial statements signify.   A financial statement is the backbone of financial accounting which includes assets, liabilities, expenses and revenues to an array of users.   Income Statement, Balance Sheet, Cash Flows, Retained Earnings Statement are the basic four Financial Statements.  
The income statement is a detailed view of expenses and revenues and at times it is also known as a profit and lost statement (P&L); they state how the money is received from the sale of their products or services before expenses are deducted.   This step is also known as the top line.   Basically it shows how successful the business is for a certain periods of time.
Balance sheets is prepared to demonstrate the total organization assets; such as what it owns like buildings, vehicles, supplies, cash on hand, just to mention a couple. At the same time it demonstrates the company debts also known as liabilities and they consist of things like employee salaries, maintenance of property, notes payable, creditors such as suppliers. Cash flow provides comprehensive information on the inflow and outflow of cash from the organization during a fixed period of time.
The retained earnings statement Indicates how much of previous income was shared with other owners in the form of dividends and at the same time demonstrate how much was
retained for future growth. By monitoring the retained earnings statement the user can evaluate dividend payments. On the other hand not many companies use this system. This is more for corporations; it is a way to raise money quickly and to attract lenders.   And for the lenders it makes it easier to monitor the organization.
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