Using Financial Information and Accounting

Learning Objectives

  1. Why are financial reports and accounting information important, and who uses them?
  2. What are the differences between public and private accountants, and how has federal legislation affected their work?
  3. What are the six steps in the accounting cycle?
  4. In what terms does the balance sheet describe the financial condition of an organization?
  5. How does the income statement report a firm’s profitability?
  6. Why is the statement of cash flows an important source of information?
  7. How can ratio analysis be used to identify a firm’s financial strengths and weaknesses?
  8. What major trends affect the accounting industry today?

License

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Foundations of Business by Manika Avasthi is licensed under a Creative Commons Attribution 4.0 International License, except where otherwise noted.

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