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ACC 290 The Four Basic Financial Statements

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ACC 290 The Four Basic Financial Statements
The Four Basic Financial Statements
ACC 290
The Four Basic Financial Statements
Write a 350- to 700-word summary in which you do the following:
• Identify the four basic financial statements. • Describe the purpose of each of the four financial
statements. • Discuss how the financial statements would be useful to internal users such as
managers and employees. • Discuss how the financial statements would be useful to external
users such as investors and creditors.
Format the summary consistent with APA guidelines. Provide at least two citations/references to
indicate the source of the information.
There are four basic financial statements in accounting, which are as
follow: a balance sheet, an income statement, a retained earnings
statements, and an income of cash flows. Each of these statements has
their individual purpose in the field of accounting. According to
Kimmel (2011),”…the four financial statements form the backbone of
financial accounting.”
The first statement is an income statement. As reported by Kimmel
(2011), “an income statement reports the success or failure of the
company’s operations for a period of time.” As explained in the book,
the income statement lists the company’s revenues then followed by

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