Start in the financial accounting area

Reference no: EM13766633

Just before you came on board, several new, junior accountants had been hired to start in the financial accounting area, as well as a senior financial accounting analyst. To get the junior accountants off on the right foot, you planned to have a breakfast meeting with them to discuss a number of financial accounting basics.

Describe the 4 financial statements they will be preparing at the end of each period and what each one tells the managers and other stakeholders.
Explain at least 1 weakness inherent in using each of the following 3 statements to assess the company's health:
- income statement
- balance sheet
- cash flow statement

Reference no: EM13766633

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