Financial statement (or financial report

May 12th, 2015
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Grambling State University
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A financial statement (or financial report) is a formal record of the financial activities of a business, person, or other entity. In British English—includingUnited Kingdom company law—a financial statement is often referred to as an account, although the term financial statement is also used, particularly by accountants.

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Generally accepted accounting principles(GAAP) refer to the standard framework of guidelines forfinancial accountingused in any given jurisdiction; generally known asaccounting standardsorstandard accounting practice. These include the standards, conventions, and rules that accountants follow in recording and summarizing and in the preparation offinancial statements.Accountinghave established group of assumptions, those assumptions are the basics of financial accounting. At the same time, assumptions are not accounting principles, as they are more of agreed upon rules.Assu

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