Assignment 03 Financial Statements, Cash Flow, and Taxes Due Tomorrow at 11 PM PST What happened to assets, earnings, dividends, and cash flows during the financlal 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 nongovermmental, professional standards body that monitors aocounting practices and evaluates controversial issues. The Seourites and Exchange Commission (SEC requires all publicly traded companiesto periodicaly report their financial information. A publdy held corporation must publish an annual report that contains the balance sheet, income statement, statement of cash flows, statement of retained eamings, and other financial information foranalysis. ne following table Ests desoriptions or the major finandal statements and reports that a fimm publishes. Identity correct statement or report for each description. Description Statement or Report Is issued once a year by a corporation and contains basic financial statements and an analysis of past performance and Reconciles (a) the amount of retained eamings reorded at the D beginning of the reporting period, (2)changes during that ngs at the end of the reporting period summarizes a company's assets, lebates, and stockholders' equity at a specific point in tme Accounts for all revenues and expenses over an accounting Gives details about the company's cash at the beginning of the year and what is left at the end of the year, induding some details about where cash was generated and where it was used during the course of the Year Accountants focus on creating financial statements, whereas finance professionals use these statements to evaluate a firm and answer questions about its performance. Indicate which financal statement you would refer to when answering the questions in the following table. Income Statement Statement of Retained Earnings How profitable has the been? Assignment 03 Financial Statements, Cash Flow, and Taxes Due Tomorrow at 11 PM PST What happened to assets, earnings, dividends, and cash flows during the financlal 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 nongovermmental, professional standards body that monitors aocounting practices and evaluates controversial issues. The Seourites and Exchange Commission (SEC requires all publicly traded companiesto periodicaly report their financial information. A publdy held corporation must publish an annual report that contains the balance sheet, income statement, statement of cash flows, statement of retained eamings, and other financial information foranalysis. ne following table Ests desoriptions or the major finandal statements and reports that a fimm publishes. Identity correct statement or report for each description. Description Statement or Report Is issued once a year by a corporation and contains basic financial statements and an analysis of past performance and Reconciles (a) the amount of retained eamings reorded at the D beginning of the reporting period, (2)changes during that ngs at the end of the reporting period summarizes a company's assets, lebates, and stockholders' equity at a specific point in tme Accounts for all revenues and expenses over an accounting Gives details about the company's cash at the beginning of the year and what is left at the end of the year, induding some details about where cash was generated and where it was used during the course of the Year Accountants focus on creating financial statements, whereas finance professionals use these statements to evaluate a firm and answer questions about its performance. Indicate which financal statement you would refer to when answering the questions in the following table. Income Statement Statement of Retained Earnings How profitable has the been