You have been hired into a new company to oversee the accoutning department. What type of financial reports would you expect to see in your department? How will you use the financial reports available to you to make business decisions?

Answer 1

A balance sheet, Income statement, and statement of cash flows.

The balance sheet will tell a company where they are at right now. It show how much assets, liabilities, and equity they have.

I think an income statement shows how much your profit or how much you gain. They usually list a bunch of expenses

State of cash flows only affect cash. So if you gain or lose cash, it should be listed here.

Company use these financial statement so they know how much they have and how much they can afford to spend. These statements can also attract investors if the statement is in good standing.