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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 Securities and Exchange Commission (SEC) requires all publicly traded companies to periodically report their financial information. A publicly held corporation must publish an annual report that contains the balance sheet, income statement, statement of cash flows, statement of retained earnings, and other financial information for analysis. The following table lists descriptions of the major financial statements and reports that a firm publishes. Identify the correct statement or report for each description. Is required by the SEC and includes the audited document that shows the company's financial results for the past year and management's discussion about the future outlook and plans Gives details about the firm's sales, costs, and profits for the past accounting period Details changes in the capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings Provides details about the flow of funds from operating, investing, and financing activities Summarizes a company's assets, liabilities, and stockholders' equity at a specific point in time Accountants focus on creating financial statements, whereas finance professionals mostly use these statements to evaluate a firm and answer questions about its performance. Indicate which financial statement would be the most helpful in answering the questions in the following table. True or False: As long as the information reported follows the generally accepted accounting principles (GAAP) guidelines, accountants in a firm have the liberty to use personal judgment to report transactions in the firm's financial statements. False True