Discuss the view that it is impossible to satisfy the needs of different users with a single set of published accounts.

The backbones of product line discovering atomic number 18 the financial statements. They are orchis records of the financial activities of a blood. There are iii basal financial statements:(1) Profit & ampere; loss report card(2) dimension planer(3) interchange flow statementThe pull in & loss account:The simoleons and loss account (also referred to as the income statement) shows the results of the flow of activity and proceeding and is designed to report the profit performance of a business for a specific rain buckets of time. The profit and loss account reports total revenue, total expenses and resulting give notice profit. The purpose of the income statement is to detect you informed of the income and expense posture over a period of time. At the end of all(prenominal) year, this statement is closed and starts over again with the beginning of the new-fangled fiscal year. The Balance sheet:Balance sheet (also referred to as statement of financial position or condition) lists the assets owned by a business, the liabilities owed to others and the accumulated investment of its owners. It is a report of what the business?s resources obligations are at a stated time. The counterbalance sheet provides information in find out the spirit level of financial risk. Cash flow statement:Complementing the balance sheet and income statement, the hard currency flow statement (CFS), records the amounts of property and notes equivalents entering and leaving a company.

A positive capital flow is essential to a businesses ability to survive and prosper. The CFS allows investors to cast how a companys operations are runnin! g, where its money is coming from, and how it is reality spent. There are different kinds of users of financial statements. The users of financial statements may be inside or outside the business. They are classified and detailed as follows:1. Internal UsersThe internal users are the individuals who subscribe direct bearing with the... If you want to get a rubber eraser essay, order it on our website: BestEssayCheap.com

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