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Canada (158,171)
Accounting (526)
ACC 100 (209)
Chapter 2

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Ryerson University
ACC 100
Cheryl Dyson

Chapter 2: Financial Statements and Annual Reports What Financial Statements Tell About a Business  Balance Sheet – obligations due in near future and what assets will be available to satisfy them  Income Statement – revenue/expenses for a period of time  Cash Flow Statement – where cash came from and how its used during a period Objectives of Financial Reporting  Primary Objective – Provide information for decision making o Communicate information to permit users (external and internal) of the information to make informed decisions o External users rely on financial statements because they do not have access to detailed business records/are not involved with the daily activities of a business  Supporting Objective – Reflect prospective cash receipts to investors and creditors o Help present and potential investors/creditors in predicting ability to earn income and generate cash flow in the future to meet its obligations and generate ROI o Shareho
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