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1. Name 4 financial statements and describe how they work together to illustrate the financial position...

1. Name 4 financial statements and describe how they work together to illustrate the financial position of a company.

2. Describe the steps and parts of the accounting cycle that take us from individual transactions all the way to formal published financial statement.

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Answer #1

1) The main 4 financial statements are below:

a)Balance sheet : This tells about the companys position at a point of time . It has assets, liabilities and stockholder equity. It tells about company liquidity and leverage .

b)Income statement: This tells about company profitability and it is for period of time

c)statement of cash flows: This tells how company is generating cash and using it and net cash it is generating

d)statement of stockholder equity: This tells how the stockholder equity section is changes over a period of tine .

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