Assignment Type:Individual Project
Deliverable Length:1–2 pages Points Possible:
125 Due...

Question

Assignment Type:Individual Project 
 Deliverable Length:1–2 pages Points Possible: 
125 Due Date:3/31/2013 11:59:59 PM CT  APA formatted referencesIn-text citationsThere is a high school accounting intern working in your office for the 
summer. In the lunchroom, she overhears people talking about financial reporting 
and GAAP. She doesn't really know what they are, so she asks you to explain them 
to her.

Explain what accountants are generally referring to when they talk about 
"financial reporting."
Explain the generally accepted accounting principles (GAAP).
Explain the sources of GAAP.
Please submit your assignment.
The following grading criteria will apply to this assignment:

Grading Criteria

30%

Explain what is included in financial reporting.

40%

Explain the generally accepted accounting principles (GAAP).

30%

Explain the sources of GAAP.

Robert · Accepted Answer

Financial reporting 
The accountant mainly means that financial reporting is the formal record of financial 
activities of entities and business. Financial reporting included four basics financial 
statements: 
- Statement of financial position: This statement reports ownership 
equity, liabilities and assets and also known as balance sheet.  
- Statement of Comprehensive income: This statement reports the 
profits, expense and income during the period of time. This statement also provides 
the information related to the operation of the enterprise. It is a statement of sales and 
expense which shows the net income of an enterprise. 
- Statement of changes in equity: This statement reports the changes in 
the company’s equity during the reporting period.  
- Statement of cash flows:

Assignment Type: Individual Project Deliverable Length: 1–2 pages Points Possible: 125 Due Date: 3/31/2013 11:59:59 PM CT APA formatted references In-text citations There is a high school accounting...

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