Accounting 101: Objectives and users of the general purpose financial statements

Originally published at: Accounting 101: Objectives and users of the general purpose financial statements | TheAccSense

In our earlier publication Accounting 101: Introduction to Accounting, we understand that financial reports are the output of an accounting process. There are various types of financial reports and one of the financial reports commonly used by people is the financial statements. What is a financial statement? Why are financial statements important? What is the…