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 Standard 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 issued once a year by a corporation and contains basic financial statements and an analysis of past performance and future prospects Annual report Accounts for all revenues and expenses over an accounting period Balance sheet Summarizes a company's assets, liabilities, and stockholders' equity at a specific point in time Income statement Statement of cash flows Aggregates all cash inflows, which the company receives from its ongoing activities and investment sources, and all cash outflows Statement of retained earnings Explains the changes in a company's retained earnings over the accounting year Accounts for all revenues and expenses over an accounting period Annual report Summarizes a company's assets, liabilities, and stockholders' equity at a specific point in time Balance sheet Aggregates al cash inflows, which the company receives from its ongoing activities and investment sources, and all cash outflows Income statement Statement of cash flows Explains the changes in a company's retained earnings over the accounting year Statement of retained earnings Summarizes a company's assets, liabilities, and stockholders' equity at a specific point in time Annual report Aggregates all cash inflows, which the company receives from its ongoing activities and investment sources, and all cash outflows Balance sheet Income statement Explains the changes in a company's retained earnings over the accounting year Statement of cash flows Statement of retained earnings Accountants focus on creating financial statements, whereas finance professionals use these state Janswer qy about its performance. Indicate which financial statement you would refer to when answering the questions in the following table: Aggregates all cash inflows, which the company receives from its ongoing activities and investment sources, and all cash outflows Annual report Explains the changes in a company's retained earnings over the accounting year Balance sheet Income statement answer question: Accountants focus on creating financial statements, whereas finance professionals use these state about its performance Indicate which financial statement you would refer to when answering the Statement of cash flows Statement of retained earnings ment of Retaine Statement Earnings Explains the changes in a company's retained earnings over the accounting year Annual report Accountants focus on creating financial statements, whereas finance professionals use these state about its performance. Indicate which financial statement you would refer to when answering the Balance sheet answer questions Income statement Statement of cash flows ment of Retained Earnings How profitable has the firm been? Statement of retained earnings Accountants focus on creating financial statements, whereas finance professionals use these statements to evaluate a firm and answer questions bout its performance. Indicate which financial statement you would refer to when answering the questions in the following table: Income Statement Statement of Retained Earnings How profitable has the firm been? How much of the firm's earnings are left as balance after the firm pays out dividends to its shareholders
