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Select two user groups of financial statements and discuss their reasons for using financial statement analysis. Distinguish between operation management and financial management.

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Elin Hessel
Elin HesselLv2
28 Sep 2019

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Auditors use financial statements in assessing the fair presentation of a company’s financial results. Organizations prepare four financial statements as part of their reporting process. In your own words, answering the following: List and explain three important uses of financial statements. Explain two reasons for using financial statement analysis.

Research Case—

Federal Financial Reporting Objectives. Statement of FinancialAccounting Concepts 1, “Objectives of Federal Financial Reporting”at (http://www.fasab.gov/pdffiles/handbook_sffac_1.pdf) identifiesaccountability and decision usefulness as the fundamental values offederal governmental financial accounting and reporting. Thestatement identifies four groups of users to whom the governmentowes accountability and the possible needs of each user group.

Required

Briefly describe the user groups, their needs for information,and how these tie into the four objectives of federal financialreporting identified in the statement.

15-1 Distinguish between horizontal and vertical analysis of financial statement data.

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