Grantham University Week 1 Four Financial Statements Paper

Grantham University

Question Description

I’m working on a Accounting exercise and need support.

Four Financial Statements

For this week, write 750 words identifying four of the financial statements a for-profit organization will compile. Define them, and then describe how they interact with each other.

Your paper should be in APA format, citing support from articles published within the past 8 weeks.

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Final Answer

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Thesis statement: The balance sheet, the income statement, the statement of
cash flow and the statement of owners’ equity are the four financial statements that a
for-profit organization needs to compile.


(a) Financial statements are the mains source of financial information to

the government agencies, investors and stakeholders.
(b) Financial statements have notes at the ends to disclose certain information
like debt details, pensions, depreciation and inventory methods used.


The balance sheet is described as a picture of an organization’s

financial position at a point in time.
(b) The basic rule of accounting states that the assets should be equal to the
liabilities and owners’ equity.
(c) The income statement is a report of the net profit or loss of a business for a
certain period. The income statement shows how profitable a business is.
(d) The income statement helps the investors and lenders of a business know
how the business is handling money.

(a) The statement of cash flow shows how an organization moves cash

around in a given time.
(b) The statement of owners’ equity is a detailed description of how the owners’
equity has been changing over a period of time.

(a) Some of the information recorded in the statement of cash flow is gotten

from the balance sheet and the income statement.
(b) Expenses in th...

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