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Fundamentals of Financial Statements Fundamentals of Financial Statements Paper Introduction Accurate financial statements are essential to informed decision making.
Fundamentals of Financial Statements Running head: FUNDAMENTALS OF FINANCIAL STATEMENTS Fundamentals of Financial Statements Instructer: Cathy Young University of
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Fundamentals of Financial Statements Fundamentals of Financial Statements "Accounting is the process of identifying, measuring, and communicating economic information
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Running head: FUNDAMENTALS OF FINANCIAL STATEMENTS
Fundamentals of Financial Statements
Instructer: Cathy Young
University of Phoenix
MBA/503 Introduction to Finance and Accounting
Week 1 April 16, 2006
Introduction
Starting a business is a difficult task that requires a great deal of time, effort and patience. Businesses are usually started with the goal of becoming financially successful. In order to monitor the progress of reaching the goal of becoming financially
successful, the business must meticulously maintain financial statements. The financial statement can be regarded as an MRI of the businesses financial health. The financial statement communicates economic information about the business to individuals involved in making the cash flow decisions that impact the financial
health of the company. According to the Marshall, McManus and Viele (2003), "financial statements are the means of communicating economic information about the entity to individuals who want to make decisions and informed judgements about the entity."
This paper will evaluate a cookie making and selling business started by Connie Roche. This paper will use the Connie Rocha simulation to identify the transactions of the business and what information the financial
staement conveys about the transactions.
Information Conveyed in the Financial Statement
Connie Rocha started a cookie business in November 1986. She developed a business plan and hired people to assist her with her business. Connie became concerned about being able to properly maitain a good financial statement, so she decided she needed someone to maintain the financial accounts. During the simulation Aunt Connie's Cookies' financial statement for November and December are reviewed. The transactions in Connie's financial statement addressed the balance sheet, income statement and statement of...
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