1, Financial statements and reports What happened to assets, earnings, dividends, and cash flows during the financial year? Accounting practice in the United States follows the generally accepted accounting principles (GAAP) developed by the Financial Accounting Standards Board (FASB), which is a nongovernmental, professional standards body that monitors accounting practices and evaluates controversial issues. The Secuinties and Exchange Commission (SEC) requires all publdy traded companies to periodkally rmport their financial information. A publidy heid corporation must publish an annual report that contains the balance shoet, income statement, statement of cash flows, statement of retained earnings, and other financial information for The following table lists descriptions of the major financial statements and reports that a firm publishes. Identily the correct statement or repert for aach description alsis Description 1s published once a year and provides stockholders with details about the company's performance and financial condition Accounts for ell revenues and expenses over an accounting period Summarizes a compeny's ssets, liabilities, and stockholders equity at a specific point in time Provides details ebout the flow of funds from operating, investing, and financing ac Explains the changes in a companys retwined samings dver che accounting year Statement or Report Accountants focus on creating fnancial szatements, wheneas finance profession'shs szatemants to evaluate a firm snd sn swer questons abourt its performancs. Indicats which financial statement you would nef towhn anivening the cuestions in the felouing taba Sheet Flows Does the firm generate enough jesamal funcs to support anpsipated isantor does ditiaa outsice capital need to be raise27 Cen the firm me li