acc_290_financial_statements

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acc_290_financial_statements

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Acc 290 Financial StatementsFinancial StatementsUniversity of PhoenixPrinciples of Accounting 1ACC-290Financial StatementsIdentify the four basic financial statementsThe four basic types of financial statements are balance sheet, income statement, statement of owners equity, and lastly statement of cash flow ("The Four Financial Statements",1999-2010).Describe the purpose of each of the four financial statements.A balance sheet is used to summarize the finances of a company during a specific period of time. The sum of companys liabilities and the owners equity should be equal the assets and finding the balance between the two is why this report is called a balance sheet. An explanation of the components of a balance sheet could be: Assets = Liabilities + Equity ("The Four Financial Statements",1999-2010).An income statement is a representation of companys profit or loss. The statement includes figures from sales and expenses. The difference between revenue and expenses is the companys net income. An income statement is usually compiled monthly to keep track of the companys progress.The purpose of owners equity statement is to compare owner

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