Understanding Accounting and Financial Statements

COLLAPSE
Career Kickstart:
Regarding the Career Kickstart discussion in the chapter to be discussed in one paragraph:
1. How does this apply to YOU and YOUR career on a personal basis? (1 Paragraph)

Content:
One of the very important corporate functions within a company, or as part of an outsourced service is the financial accounting of a company. (2 Questions)
1. Why is accounting important to a company, and what stakeholders benefit from accounting and why?
2. Summarize the primary purpose and the differences between the following four financial statements. List each out individually:

A. Balance sheet
B. Income statement
C. Statement of owners’ equity
D. Statement of cash flows