Financial Statements

Feb 3rd, 2012
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Course: Business and Management
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Purpose of Accounting Introduction The purpose of accounting is to identify, record and communicate all economical transactions and data that transpire internally and externally to an organization and its categorical accounts. These three activities must be performed accurately to analyze the effects each transaction had, whether it was a debit or a credit, on an account. This chronological record of debits and credits is communicated to internal and external users that have a stake in the company. Credits that are shown in the right or debits that are shown in the left that occur to increase or decrease assets, liabilities and stockholders’ equity need to be recorded in various accounts that they affect. Thus, cash inflow, cash outflow, paid monthly, fixed, variable immediate and operational expenses, salaries, revenue services, accounts payable and receivable disbursement of dividends, purchase of supplies and payment of services rendered all get recorded and then transferred in

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