Accounting is considered to be one of those complicated yet necessary chores that keep people’s financial affairs relatively clean. For the beginner who is just getting started, the process may not be the first obstacle. Often, it is understanding the special language used by accountants and those that work around them. In other words, one must wade through the jargon in order to understand what’s going on. The first step in gaining understanding of accounting is to break concepts down to one fundamental point: financial statements.
Corporations are extremely fond of financial statements after all, they are required to have them. Financial statements are, in a broader sense, just timely statements of the financial situation of an organization. They hold companies accountable for how money is earned and spent, down to the very last detail. Financial statements are often audited by external auditors to ensure that the company is handling records properly. This also confirms to third parties that the company is displaying a fair and balanced view of the organization’s position. These are also called cash flow statements. Like most financial concepts,...
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