acc_250_week_8_checkpoint_creating...

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acc_250_week_8_checkpoint_creating...

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Running head: FINANCIAL STATEMENTSFinancial StatementsStudent NameUniversity of Phoenix AbstractThe purpose of this paper is to define accounting and identify the four basic financial statements. The paper also explains how the different financial statements are interrelated to each other and why they are useful to managers, investors, creditors and employees. Financial StatementsCompanies around the world view financial statements in order to stay abreast of their companys economic status. Financial statements are imperative to ensure smooth operation and that a company is financially stable. A healthy business has no problem handling financial outputs and incoming assets. Financial statements also serve investors and creditors by providing essential information about a companys financial status. The various financial statements aid in analyzing cash flows and the overall status of a companys resources and investments. Financial reporting creates an atmosphere essential for promoting the feeling of reliability and trust among investors and creditors. Accurate financial statements are vital to avoid misrepresentation. However, as credit professionals are well aware, numbers can sometimes be manipulated. Thus, it is important to have statements that are audited by an independent accounting firm. (Norris, 2006) Enron is an example of what the result of inaccurate or misrepresented financial data can cause in todays society. The Fou

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