Acc 290 Week 1

ACC 290 WEEK 1

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Product Description

PRODUCT DESCRIPTION

ACC 290 Week 1,

DQ1-

The four basic financial statements are income, retained earnings, balance, and statement of cash flows. Financial statements provide a means for the business to judge the results of their operational or financial performance over a period of time. Income statements provide investors and the business a description of how profitable the business is performing within a specific period in time. Retained earnings are income that is left in the company (reinvested) that was not distributed to the stockholders. This statement explains why the

DQ2-

Financial statements alert investors of the risk that is involved in investing in the company. The information from these reports also allow investors to judge what type of return they will receive on their investment and it also helps them to determine whether to hold, buy, or sell. Creditors are concerned with any statistical financial information that helps them to determine the financial stability of the organization and whether the business will repay the loan…..

DQ-3

A debit is an asset or increase in cash (left column). Debits normally increase assets and decrease liabilities and credits normally decrease assets and increase liabilities. A credit is a decrease in cash (right column). Debits and credits are used to record business transactions by the type of account that is used. Expense and assets are increased on the debit or left side and liability equity and revenue accounts are increased on the credit side. Every transaction

assignment 1-

Financial statements is a more common term used to refer to statements produced at the end of the accounting periods, such as the income statement, balance sheet, cash flow statement and the statement of owner’s equity. These four financial statements are sometimes known...