ACC 220 financial_statements

Apr 16th, 2015
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Running head: FINANCIAL STATEMENTSFinancial StatementsStudent Name College NameFinancial StatementsA business without an accounting department might just as well give up the rat race. Accounting deals with very delicate matters pertaining to the company's finances and without that a company could go under. Some of the accounting department's responsibilities are the income statements, retained earnings statements and cash flow statements or a larger overview of these entire sub sections tied into one would be the financial statement. This paper will go over all of these areas of accounting in the hopes to broaden ones knowledge of accounting.The financial statements of companies cover all their costs, losses and gains over a period of time. Companies often follow what is called a fiscal year (FY) which is different than a regular calendar year and every three months represent a quarter in their FY. For a company to fully understand how they are doing and what kind of trend they are following they tend to use what is called a comparative statement. This statement covers different time lines and compares their statements from the past to the statements from the pre

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