Finance illustration Finance theory

The importance of business accounts

Business accounts are produced to meet the needs of their users. Typical users and the use they make of accounts is shown below:

There are three main financial statements that are produced by company accountants.

These are:

1. The Balance Sheet setting out the [theory/theory--financial-information-decision-making--121.php">financial position of the company at a particular moment in time e.g. the year end.

2. The Profit and Loss Account showing how the profit or loss of the business has been generated.

3. A cash flow statement setting out the cash inflows and outflows to the business during a particular period of time.


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