A Study of the Financial Statements of 'Superior Living'

This annual report consists of two parts: management’s discussion and analysis (this section) and the basic financial statements. The basic financial statements include a series of financial statements. The Statement of Net Assets and the Statement of Activities (on pages and ) provide information about the activities of the [type of entity] as a whole and present a longer-term view of the [type of entity]’s

In accounting there is much to be learned, about the financial aspects of a business. In the past five weeks I have learned the importance of financial reports and how they relate to the success of an establishment. These reports may include balance sheets and income statements, which help accountants and the public grasp the overall financial condition of a company. The information in these reports is really significant to, managers, owners, employees, and investors. Managers of a business can take and deduce financial

Throughout this class we were introduced to a number of financial statements, many of which I never knew existed. It was nice to see that the formatting of these newly introduced financial statements were consistent and had many similarities to the traditional accounting statements for profit seeking businesses. These financial statements flowed together much like the accounting statements I have been used to seeing. This similarity in turn allowed me to smoothly

GAAP, but are provided here to give the statement users a more precise understanding of the financial position of the entity.

B. An examination of financial statements and underlying records for conformance with generally accepted accounting principles (GAAP).

Upon reviewing your post, the insights I gain are the importance of companies following the rules and regulations enforced by The Securities and Exchange commission (SEC). In addition to the (SEC) financial accounting are also monitor by the Financial Accounting Standards Board (FASB) regulate the financial statements issued to shareholders. Zimmerman, J. L. (2014). I also realized the importance of companies making certain that the financial information posted, is accurate. By doing so, they help others such as stockholders and investors to make decisions that will be most beneficial to them.

Learning Objective: 04-03 Present an income statement with earnings per share, statement of stockholders equity, balance sheet, and statement of cash flows.

Income statements and balance sheets were reviewed to summarize the following key points that could

Understanding the finances of a company is important but knowing the significance of the financial statements is crucial to the operations as well. Reviewing the statement of financial position, operating statement and statement of cash flows serve as a guidance to management and executives on the day-to-day activities of an organization (Finkler et al., 2013). For example, the statement of financial position (balance sheet) shows the assets and

This research paper is being submitted on March 10, 2013, for Tiffany Krogman, A340/ACG3085 Section 03, Advanced Auditing Concepts & Standards.

GAAP (Generally Accepted Accounting Principles) determine the content and format of financial statements. SEC (Securities and Exchange Commission) requires publicly traded companies to issue annual audit. Concerns are about adequacy of disclosure; and behavioral implications are secondary.

Each user of the financial statements interprets the information in a different manor. They use the information to determine their interactions with the organization. Management, investors, and employees use the same information from the financial statements but for different purposes. These four basic statements are the fundamentals of accounting which can be much more detail and complex. They do not need to be more complex for the users of the information; these basic statements have all the information needed to make

GAAP is exceptionally useful because it attempts to regulate and normalize accounting definitions, assumptions, and methods. Because of generally accepted accounting principles one is able to presuppose that there is uniformity from year to year in the methods that are used to prepare a

We will be presenting the company’s 5-year balance sheet, income statement as well as its cash flow statements. Taken together, these statements will give an accounting picture of the firm’s operations and financial position. Detailed data will be provided to show what has actually happened to assets, earnings, and dividends over the past few years and somehow include some verbal statements to explain somehow why things turned out the way they did.

Pages A. Introduction 5 B. Brief Overview 6 C. Five main components of Financial Statements 7 4.1. Statements of Financial Position 4.2. Statements of Comprehensive Income 4.3. Statements of Changes in Equity 4.4. Consolidated Cash Flow Statements