Explain the basic formats of financial statements

Assignment Help Financial Accounting
Reference no: EM131195115

There are three main parts to this case that require you to prepare and submit a 3- to 5-page paper. Please make sure this paper is well organized and covers all of the items below.

Part 1

Search the course background information, the Internet and/or the Cyber Library. Discuss the terms listed below. Your discussion should expand on the definition as given in the Module background. 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

1. Everything in Accounting typically falls into one of three categories, as illustrated by the Accounting Equation. State the Accounting Equation: Assets = _______________ + _______________

2. 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.

3. To simplify your answers, complete the assignment using a basic table or diagram.

Assignment Expectations

The submission should be 3- to 6-pages and needs to include answers to all the questions listed above. Show computations, discuss the results, and include references in APA format.

Verified Expert

This assignment deals with writing a paper on basic accounting terminologies like GAAP, IFRS, Annual Reports, SEC and 10-K and 10-Q reports. In addition, this also covers the description of basic financial statements along-with the formats. Finally, it requires to state the accounting equation and come up with hypothetical numbers to show how the accounting equation works.

Reference no: EM131195115


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