x 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 Securities and Exchange Commission (SEC) requires all publicly traded companies to periodically report their financial Information A publicy held corporation must publish an annual report that contains the balance sheet, income statement, statement of cash flows, statement or 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 Statement or Report a Description Is divided into two important parts operating and nonoperating sections, also known as the profit and loss statement Gives details about the company's cash at the beginning of the year and what is left at the end of the year, including some details about where cash was generated and where it was used during the course of the year is published once a year and provides stockholders with details about the company's performance and financial condition Reconciles (1) the amount of retained earnings recorded at the beginning of the reporting period, (2) changes during that period, and (3) the amount of retained earnings at the end of the reporting period Summa Statement or Report Income statement wn as Balance sheet eft at the ere it was Statement of cash flows Statement of retained earnings any's Income statement he reporting ngs at the Annual report ecific point in sionals mostly use these statements to evaluate a firm and answer buth bathroom F8 F9 FIO F11 F12