I need Initial Post and replies on other student posts. I need Plagiarism Report too, otherwise I won’t accept Provide an argument justifying your voting choice utilizing at least two pieces of eviden

Post 1

When starting a business as an entrepreneur, it is essential to understand it comprises of four major components that are cash, property, contract, and people. The people manage all the rest, the cash help an entrepreneur to prepare cash flow statements, property helps in preparation of balance sheet and contract helps in preparation of income statements. The financial statements are, therefore, referred to as formal records that show the financial position and activities that occur in the business or entity. The balance sheet shows the assets, liabilities and owners’ equity a business has at a given time. The income statement shows the income, expense, and profit made by the business over a given period (Fraser, 2010). The statement offers information about the operation of the enterprise concerning sales and expenses incurred over a period. Cash flow statements show the cash flow activities particularly in investing, financing and operating activities for a given period.

The information retrieved from financial statements is very critical for a business in various ways. First, the financial statements of business help with information that is essential to investors, creditors, management, and analyst in evaluating how the business is performing thus guiding in the making of major decisions. Moreover, they also assist the top managers of a business enterprise in communication and strategizing by establishing the current and planning for future expectations. The balance sheet reveals the performance of a company after a certain period and what might have caused the changes. The income statements show the revenue, expenses, and profit or loss made during the period. The performance of the business helps them to plan for uncertainty future. Additionally, the cash flow statement shows the cash exchange by business with the outside world over a certain period. In this regard, financial statements are essential documents every business should prepare since their benefits are within and outside the business enterprise.

Fraser, L. M. (2010). Understanding financial statements. Pearson.

Post 2

To justiy my voiting choice, I chose that answer that the expemses would be understated. Per our required readinf on p 127 it states "If a business had not recoded the adjsting entries for depreciation on the merchandise that the plant assets would have been overstated, and expenses would have been understated. " (Miller-Noble, Mattison, Matsumura 2016).

As per the question, If I was to exlain to Jane in my own words what the purpose of financial statememt, and how they togerther over time. I would say something along the lines of:

To be very general, I would advise Jane, that the financial statements is purposed to provide realt ime feedback, regarding transactions either pending or finalized. I would also let her know that that the Financial statements will give her a clear picture of the stability or even danger that the business may be facing financially. This will allow her to make financially sound decisions at it results to future transactions.

I would further tell her, that the financial statememt would be important as it results to her, is she was planning to expand her brand, or even is she was going to banks to apply for loans, credit lines, etc.

Over time, this all work together by ensuring that the business is operating at it's optimal financial health. Over time, the financial statements will work together, in showing her the direction that the business is going in. She can use the Financial statements as a guide to decision, applications,etc. As per the assignment requirement, this is how I would explain in my own words, while utilizing basic principles from the required reading/video.

References

Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura . Horngren's Accounting, 11th Edition. 2016. Published by Pearson