“why these concepts are important to financial statements
Paper instructions:
FOR THE FIRST PART OF THE PAPER (3 PAGES IN LENGTH) PLEASE FOLLOW THESE DIRECTIONS:
There are three main parts to this part of the paper that requires you to prepare and submit a three page paper. Please make sure this paper is well organized and
covers all of the items below.
Part I
Search the Internet. Discuss the terms listed below. Explain why these concepts are important to financial statements.
Generally Accepted Accounting Principles (US GAAP);
International Accounting Standards (IFRS);
Securities and Exchange Commission (SEC);
Annual report; and
10-K 10-Q and 8-K
Part II
Explain the basic formats of financial statements such as income statement balance sheet statement of cash flows and statement for retained earnings.
Part III
Everything in Accounting typically falls into one of three categories as illustrated by the Accounting Equation. State the Accounting Equation: Assets =
_______________ + _______________
You will note that the Accounting Equation comprises 3 categories each of which can be broken down further into accounts. For each of the three main
categories of the Accounting Equation list 5 or more accounts with actual amounts that would typically be classified into each. For instance Land & Equipment would
typically be categorized as Assets.
To simplify your answers complete the assignment using a basic table or diagram.
The submission should be 3 pages and need to include answers to all the questions listed above. Show computations discuss the results and include references in
APA format.
FOR THE PART TWO (2 PAGES)
Attached you will find the trial balance for Nybrostrand Company. Prepare an income statement and balance sheet in good format. After you have completed the two
statements comment on the success of the company. Support your answer with information from the financial statements you just prepared.
The submission should be 2 pages and need to include answers to all the questions listed above. Show computations discuss the results and include references in
APA format
We have emphasized the income statement in this paper. A third financial statement the statement of cash flow is also important. How is the cash flow statement
different and what is its purpose?
Do research on the Internet and show the reference for the information.
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