Financial Statements Identify the four basic financial statements. The four basic financial statements include: the balance sheet, income statement, owners' equity and cash flows. The balance sheet is when there is a focus on the current financial strengths or weaknesses inside a firm. This gives managers, employees, investors and regulators the ability to determine what issues are impacting the company. (Ingram, 2011) ("Four Financial Statements," 2010) The income statement is concentrating on the

Working capital reduction is not always a bad thing -- tightening receivables and inventory turns is often considered to be good financial policy. In the case of Unilever, it is important to synthesize the two statements. We can see, for example, that "unusual expense" is the category most responsible for the change in working capital. At this point, it would be advisable to delve deeper into the comments in the

Accounting 201 and Finance301: Accounting 201 Discussion Question: Discuss FASB and IASB. Comment on at least two specific aspects of the two standard setting boards and their role in setting accounting standards. Also, watch 2 provided YouTube videos and post comments. FASB and IASB The Financial Accounting Standards Board (FASB) was established in 1973 to set and improve accounting and reporting standards for private sector U.S. entities (Financial Accounting Standards Board, n.d.). Though the

Financial statements are produced in order to help stakeholders understand the financial condition of the entity in question. Different types of entities, however, have different reporting requirements. A self-employed individual has very different needs from a limited company, and these are different from not-for-profit organisations as well. This paper will examine some of these differences. The first class of business is the self-employed individual. There are no reporting standards for self-employed

Financial Analysis of Bestwish Limited Company Overview Bestwish Limited produces extensive range of quality products such as gift dressing, greetings cards, and plush merchandise of more than 50,000 stocks. The production of different categories of products involve between 2 and 15 processes. The company produces standardized products and custom designed products ordered from customers on contract basis. However, Bestwish Limited is facing challenges to control the costs because of varying production process,

Hence, the likelihood of having to repurchase a large amount of repurchases would result. This was increasingly risky as the company spiralled into much lower reserves than it would admit publicly. The increasing risks were recognized by New Century employees. Despite efforts by these employees to suggest changes, the response by Senior Management was generally to reject or ignore these suggestions. Senior Management was therefore fully aware of the increase