ACC 290 Financial Statements Paper

May 1st, 2015
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ACC 290 Financial Statements PaperACC/290Financial statements are very important when doing business. The four basic financial statements are very important to a business. A business would not be able to obtain credit, loans, investors, or many other issues without correct financial statements. Financial statements should be consistent and follow the expected guidelines. It is extremely important for the financial statements to be accurate at all times. When being used they keep track of the companys all transactions. The four basic financial statements are Balance Sheets, Income Statements, Retained Earnings Statement, and Statement of Cash Flows. Each statement is organized and helpful to both internal and external users.The balance sheet shows what a business owns and what it owes during a period of time. An income statement lists the companys revenues followed by its e

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