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Experience:  UCLA graduate. Advanced degrees in English and Education.
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Hi here is a 2nd response from a classmate---I think the major

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Hi here is a 2nd response from a classmate---I think the major purpose of financial statements is to let a company know where their money is going. It lets them know what they owe, what they have earned and what they have lost. According to www.ehow.com "financial statements are formal presentations of the flow of money into, through, and out of a business.

The Four Types of Statements:
Balance Sheet: records what an organization owns, what it owes, and basically what it is worth.

Statement of Revenue and Expenses: a state of revenue and expense covers a period of time. The concept is that revenue or inflow, less expense, or outflow results in an excess of revenue over expense if the year has been good or perhaps an excess of expenses over revenue if the year has been bad.

Statement of Changes in Fund Balance/Net Worth: the excess of revenue over expense flows back into equity or fund balance through the mechanism of the statement of fund balance/net worth.

Statement of Cash Flows: According to blog.accountingcoach.com, a statement of cash flows is to provide information about a company's gross receipts and gross payments for a specified period of time.

Reference:
What is the purpose of a cash flow statement, blog.accountingcoach.com.
The purpose of financial statements, www.ehow.com.

----Please respond with at least 50 word---- Thanks :)
Submitted: 2 years ago.
Category: Homework
Expert:  proexpert37 replied 2 years ago.
Ok...I will work on this.
Expert:  proexpert37 replied 2 years ago.
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Experience: UCLA graduate. Advanced degrees in English and Education.
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