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Week Two Reflection SummaryACC/290University of PhoenixIn week one, one learned about the four basic financial statements and how they are useful to internal and external users. One also learned the rules of debit and credit and journalizing transactions. The accounting financial statements composed of four basic financial statements. The balance sheet provides an understanding of a companys financial condition by showing what the company owns and what it owes during a particular period. The income statement reports a companys revenues and expenses; it shows any profits or losses in a specific period. The retained earnings statement shows how the companys distributed its previous income to its owners in the form of dividends and how much retained in the business. Then the statement of cash flows shows where the company obtained cash and how it used it during t

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