Acc241exam3sampleexam1pdf - Study guides, Class notes & Summaries

Financial accounting is the periodic reporting of accounting for shareholders, government agencies and other parties external to the business to make investment and lending decisions. This information takes the form of financial statements: the balance sheet, income statement, statement of shareholders’ equity and statement of cash flows (and notes). Because the information is used for parties external to the business, rules are necessary to ensure consistency among various companies - thi...