Financial statements

Financial statements tell a story about an organization. The four primary financial statements used in accounting are the http://repo.pmi.edu/online/Master_Documents/BUS215_Basic_Accounting/Lesson_1/Statements_Assignment_Financials/Balance_sheet_(Natures_Remedy).pdf
http://repo.pmi.edu/online/Master_Documents/BUS215_Basic_Accounting/Lesson_1/Statements_Assignment_Financials/Income_Statement_(Natures_Remedy).pdf
http://repo.pmi.edu/online/Master_Documents/BUS215_Basic_Accounting/Lesson_1/Statements_Assignment_Financials/Cash_Flow_Statement_(Natures_Remedy).pdf
and http://repo.pmi.edu/online/Master_Documents/BUS215_Basic_Accounting/Lesson_1/Statements_Assignment_Financials/Statement_of_Retained_Earnings_(Natures_Remedy).pdf
statement is also sometimes called the operations statement.Click the links to review the financial statements for one of Red Apple Clinic, Inc.’s competitors, Nature’s Remedy, Inc.

Identify the main components of each statement and indicate for each statement whether it is “as of a date” or “for the period.” How is the information on the Balance Sheet classified and please include subcategories where appropriate? (8 points)
Assume that you are in a management role for a health care organization. Select one of the four financial statements and discuss how you might use this statement to make business decisions. (6 points)
The two accounting methods used in the profession are the accrual basis of accounting and the cash basis of accounting. Explain the difference between these two methods. (4 points)
Explain the importance of recording and reporting financial information to external and internal users. (4 points)

Sample Solution

ACED ESSAYS