Tom is taking a new accounting course this semester as part of his Degree programme. He is surprised to learn that there are variations in the financial statements that are prepared for various organi

Tom is taking a new accounting course this semester as part of his Degree programme. He is surprised to learn that there are variations in the financial statements that are prepared for various organizations.Discuss the nature and composition of the financial statements that are prepared for retail entities, manufacturing entities, and non-profit making entities.

Rubric:Introduction                1 markContent                       6 marksOrganization               2 marksConclusion                  1 mark