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Q: Discuss how the financial statements would be useful to internal users such as managers and employees.
A: Financial Statements are essential to professional financial reporting. The four basic financial statements are the balance sheet, income statement, retained earnings statement, and statement of cash flow. [ The balance sheet is used to present a picture of what a company owns and will also show the company?s overall liquidity. The balance sheet reports the amount of assets and claims to assets
for a period of time. Assets are items the company owns that could be used if needed to retain cash. The claims to assets are either creditor or owner, which shows up on the stockholders equity section. The creditor would be the individual or company that is using the asset as collateral to a debt. Once debt is paid the creditor releases asset back to owner. The income statement is used report the financial health of the company in a certain time frame. The income statement provides the revenues and expenses in the time frame. ]
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Asked 3/21/2012 9:23:05 PM
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