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Accounting and Finace
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‘The fundamental objective of corporate reports is to communicate economic measurements of and information about the resources and performance of the reporting entity useful to those having reasonable rights to such information? The three financial statements which are generally used by most of the firms are the balance sheet, profit and loss account and the cash flow statement. The Statement of Principles outlines the purpose of each of those statements. The balance sheet gives information about the financial position of the entity. The profit and loss account illustrates the firm’s performance and the cash flow statement tells about the adaptability or in other words the liquidity of an entity. In this essay we will look at the different user groups and identify which of those statements can meet the needs of each individual group. This we will underline by using the J Sainsbury plc Annual Report and Financial Statements 2003.
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Paper Information
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Title: Accounting and Finace
Words: 741
Rating: None
Pages: 3
submitted by: moonlitnightc
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