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DISCUSSION
The new hires now have a better understanding of the different types of users of financial statements and source documents. Your manager has asked you to continue with your training by explaining financial statements. You want to see how much the new hires really understand when it comes to preparing and reviewing financials.
Using your textbook, the library, the Internet, or any other available materials, explain the different types of users of financial statements. The following questions must be answered in the report to receive full credit:
• Define the accounting equation.
• Define, explain, and give 1 example of each of these account types:
o Assetso Liabilitieso Owners' equityo Revenueo Expenses
• Discuss how much time you think you will need to spend each week for this accounting class. Do you have any concerns in completing the homework?
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Net Assets and Employees' Retirement Fund. Complete the following activities and submit your answers to your instructor in a Word document formatted to proper APA specifications. Include any relevant supporting computations and explanations.
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