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…

Continue reading

Get unlimited access
Already a subscriber? Login