CHAPTER TWOUNDERSTANDING FINANCIAL STATEMENTS
Financial statements report the historical performance of a company and provide a basis for assessing the firm’s achievements. Along with general national and international economic business conditions and a strategic assessment of the company, financial statements provide a foundation for projecting the firm’s future performance. Financial statements in the United States are guided by Generally Accepted Accounting Principles, commonly called U.S. GAAP. For public corporations, financial statements are publicly disclosed annually through an annual report and a 10K statement (a Securities and Exchange Commission [SEC] requirement) and quarterly through a more concise quarterly report and 10Q statement. ...
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