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Use of financial reports: hired by a new company

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You have been hired into a new company to oversee the accounting department. Explain what type of financial reports would you expect to see in your department? How will you use the financial reports available to you to make business decisions?

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The use of financial reports hired by a new company is determined.

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Financial accounting is a process of recording, summarizing, analyzing and interpreting the financial transactions of an organization. It mainly involves preparation of the financial statements and starts from journals and ends with the making of an income statement and a balance sheet. These statements are compulsory to prepare the organization.

Accountants summarize this information in a balance sheet, income statement, and statement of cash flows. The statement of ...

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