Financial Statement Concepts

Primary Task Response: Within the Discussion Board area, write 350–500 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas:

Scenario

The new hires now have a better understanding of the different types of users of financial statements and source documents. This week, your manager has asked you to continue with your training by explaining financial statements. You want to see how much the new hires really understand when it comes to preparing and reviewing financials.

Using your textbook, the library, the Internet, or any other available materials, explain the different types of users of financial statements. The following questions must be answered in the report to receive full credit:

• Define the accounting equation.


• Define, explain, and give 1 example of each of these account types:
  
  
  
  • Assets
  
  
  • Liabilities
  
  
  • Owners' equity
  
  
  • Revenue
  
  
  • Expenses
  
  
  
  


• Discuss how much time you think you will need to spend each week for this accounting class. Do you have any concerns in completing the homework?

Responses to Other Students: Respond to at least 2 of your fellow classmates with at least a 100-word reply about their Primary Task Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following questions:

• What did you learn from your classmate's posting?


• What additional questions do you have after reading the posting?


• What clarification do you need regarding the posting?


• What differences or similarities do you see between your posting and other classmates' postings?

For assistance with your assignment, please use your text, Web resources, and all course materials.