Every business needs to organize its financial data for many purposes, whether these purposes are internal or external. The internal purposes are to assess the business's performance and status. They include
– the need for management to monitor business performance according to the plans and managerial strategies.
On the other hand, the external purposes would include the need to
In this chapter we will go over the key financial statements that are supposed to present business financial data in a commonly acceptable way according to the Financial Accounting Standards Board (FASB) that sets the formats and rules in this regard.
Financial statements are compilations of data designed to provide summarized information and quick indicators of the business financial performance. The most commonly used ...