The Importance of Accurate Financial Statements in Accounting
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
The Importance of Accurate Financial Statements in Accounting
Accurate financial statements are essential for the proper functioning of any business or organization. They provide a clear picture of the financial health of the organization and are used to make important decisions about the future of the business. In this blog post, we will discuss the importance of accurate financial statements in accounting and how they are used to make informed business decisions.
The primary purpose of financial statements is to provide information about the financial performance and position of a business or organization. These statements include the balance sheet, income statement, cash flow statement, and statement of changes in equity. They provide a detailed picture of the organization’s assets, liabilities, and equity, as well as its income and expenses.
Accurate financial statements are essential for a number of reasons. Firstly, they are used to make informed business decisions. For example, a business may use its financial statements to determine whether it can afford to expand its operations or invest in new equipment. Additionally, accurate financial statements are necessary for compliance with legal and regulatory requirements. Many businesses are required to submit financial statements to government agencies, such as the Securities and Exchange Commission (SEC) or the Internal Revenue Service (IRS).
Accurate financial statements also play a crucial role in the assessment of a business’s creditworthiness. Lenders and investors rely on financial statements to determine the level of risk associated with lending money or investing in a business. Financial statements that are not accurate or transparent may lead to a higher level of risk for the lender or investor, and may result in the business being denied credit or investment.
Moreover, accurate financial statements are necessary for the internal management of a business. Business owners and managers use financial statements to monitor the performance of the business and to identify areas where improvements can be made. For example, if a business’s income statement shows that expenses are higher than expected, the business owner or manager may need to review the expenses and find ways to reduce them.
To ensure the accuracy of financial statements, it is essential to follow proper accounting principles and procedures. This includes keeping accurate records, using appropriate accounting software, and regularly reviewing financial statements for errors or discrepancies. It is also important to have an independent third-party review or audit of financial statements. This process involves an independent accountant or auditor reviewing the financial statements to ensure that they are accurate, complete, and in compliance with accounting standards.
In conclusion, accurate financial statements are essential for the proper functioning of any business or organization. They provide a clear picture of the financial health of the organization and are used to make important decisions about the future of the business. Accurate financial statements are necessary for compliance with legal and regulatory requirements, assessment of a business’s creditworthiness, and internal management of a business. To ensure the accuracy of financial statements, it is essential to follow proper accounting principles and procedures, and to have an independent third-party review or audit of financial statements.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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The Importance of Accurate Financial Statements in Accounting
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