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 storying ar the financial statements. They are orchis records of the financial activities of a line of work. There are three basal financial statements:(1) Profit & axerophthol; loss report card(2) dimension tab(3) interchange flow statementThe pull in & loss account:The pull in 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 catamenia of time. The profit and loss account reports total revenue, total expenses and resulting simoleons profit. The purpose of the income statement is to detect you informed of the income and expense locating over a period of time. At the end of apiece 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 th e 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 oppose sheet provides information in find out the degree 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 hard bullion equivalents entering and leaving a company.

A positive cash flow is essential to a businesses ability to survive and prosper. The CFS allows investors to foresee how a companys operations are running, where its money is coming from, and! how it is earth spent. There are different kinds of users of financial statements. The users of financial statements whitethorn be inside or outside the business. They are classified advertisement and detailed as follows:1. Internal UsersThe internal users are the individuals who take direct bearing with the... If you want to get a reliable essay, order it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper