•  is a system that collects and processes (analyzes, measures, and records) financial information about an organization and reports that information to decision makers. 

• The organization for which financial data are to be collected.  

• The time period covered by the financial statements.  

•  is an examination of the financial reports to ensure that they represent what they claim and conform with GAAP.

•  Reports the amount of assets, liabilities, and stockholders’ equity of an accounting entity at a point in time.  

•  Assets = Liabilities + Stockholders’ Equity.  

•  is the private sector body given the primary responsibility to work out the detailed rules that become generally accepted accounting principles.   p. 19

• are the measurement rules used to develop the information in financial statements.  

•  Reports the revenues less the expenses of the accounting period.  

•  Provide supplemental information about the financial condition of a company, without which the financial statements cannot be fully understood. 
• The first type provides descriptions of the accounting rules applied in the company's statements.
  
• The second presents additional detail about a line on the financial statements.
• The third type of note provides additional financial disclosures about items not listed on the statements themselves.

• is the private sector body given the primary responsibility to issue detailed auditing standards. 

• is the U.S. government agency that determines the financial statements that public companies must provide to stockholders and the measurement rules that they must use in producing those statements.  

• Reports inflows and outflows of cash during the accounting period in the categories of operating, investing, and financing.  

•  Reports the way that net income and the distribution of dividends affected the financial position of the company during the accounting period.  

• investors, creditors, suppliers, customers

• Managers throughout the organization

Name of Company

Name of Statement

Date/ Time Period

($)

Income Statement

Statement of R/E

Balance Sheet

Statement of Cash Flows