Assignment: 1 the Role of Accounting on Business and Our Society
Assignment 1: The Role of Accounting on Business and Our Society
Stacey L. Knight
Strayer University, White Marsh Campus
Professor Eric Osei
August 26, 2014
For Accounting purposes there are three financial statements that are used which are an Income statement, Statement of Owners Equity and a Balance Sheet. First we have the Income Statement and the purpose of this statement is to report the corporation's earnings over a period of time which is usually prepared during their fiscal year. Secondly, there is the Statement of Owners' Equity report; this report shows the changes within the business's transactions for a particular time period which are reviewed and edited in a detailed vista and finally there is the Balance Sheet, which register all three major accounting equivalences within a detailed time period showing assets, liabilities and owner's equity.
Overall the most effective way to commune your financial stability is concluded with the Balance Sheet this is the most effective way to correspond the financial stability as well as keep a continual track of spending, show outstanding balances and eliminate any financial alarms that need recovering; especially when errors are noted.
With regards to an Accountant versus a Certified Public Accountant, together they play vital roles to the financial success of any company. Of course, the role of an Accountant is slightly diverse than a Certified Public Accountant, an accountant for any corporation manages the finances, purchases and business transactions with outside partnerships. In addition, there are financial porters that most organization require the ability to preclude mischief and strong comprehension of all financials requirements. With regards to a Certified Public Accountant, they are responsible for examining financial statements and this assessment is governed with a...