Elements and components of a complete set of financial statements
January 10, 2009 by Admin
Filed under Accounting
Financial statements are often described as the language of business. These statements tell the condition and performance of a business historically, currently and prospectively. They are the tongues of businesses that communicate with their users and readers.
Financial statements are the formal end product or main output of a business’ financial accounting process. These are the means by which the information accumulated and processed in financial accounting is periodically communicated to the users.
General purpose financial statements are those intended to serve users who do not have the authority to demand financial reports tailored for their own needs. The objective of general purpose financial statements is to Read more
