Write a 500 - 750 word paper that addresses the following topic: Explain the impact of accounting transactions in financial statements.Describe the elements and purpose of each financial statement.Di

****** ** ********** *********** ** ********* ************ ********** transaction is * ******** ***** ****** * ******** impact on *** ********* ********** ** * ******** ** ** ******** ** the ********** ******* ** *** ******** *** ******* ***** of *** ******** ** ***** ************ ****** *** ************ ** ******* *** ******* their ********* financial health ******** of ********** ************ include: ****** a **** ** * ******** purchasing consumable ******** **** * ******** ********* **** from * lender ******** ********** *********** *** ** ****** *** ******** ** *** ********** ******** which can be ********* as: ****** * liabilities * ******* equity Generally ** the **** ** any ******** ****** there *** ********* transactions **** *** be ********* by *** ****** ** ****** *********** *** ****** ******* ** properly ******** *********** **** ***** *** ******* of *** ********** ******** *** ******** * ****** **** to * ******** ******* ** ** increase ** ******** ********** ******* *** ** ******** ** **************** *** purchase of assets *** **** ******* *** ******* ***** ** ******** the **** ******* *** increasing *** fixed-assets ******* ******** collection of **** **** an existing ******* ********** causes * ******** ** the balance sheet to **** **** **** *** ****** ********* and ******** ********** *** ****** ********* **** * ******* ********* ******** ** ********* on credit *** ***** ******* ********* or ********** is ******* *** *** accounts-payable account is ******** **** * company ****** **** ******* ** *** **** of ***** ** ********** ** enters **** ******* leasing arrangements * ********* must ** ******** ** *** ********* ******* of the ********* ******* ***** When a ******* issues ****** ***** *** ******* ****** * **** ******* *** the ******** **** ******** of ***** and credits *** ****** accountFinancial ********** ********* ********* ** ** organized ********** ** **** according ** logical and consistent ********** ********** *** purpose ** ** ****** ** ************* of **** ********* aspects ** * ******** ************ ** ********* ************* * ******* ** ******** of financial statements ***** ******** are “the building ****** with which ********* ********** are ***************** ******* of ***** **** ********* ********** comprise” **** ******** ********* position *** periodic performanceThe ** ******** *** ****** *********** ****** investments ** owners ************* to owners revenues ******** ***** losses and comprehensive ******** ******* ****** are ******** ****** economic ******** ******** ** ********** by a particular ****** ** * ****** ** past transactions ** ****** Assets ********* ******** ****** economic benefits ********** ** *** ************************ *********** *** ******** future ********** of ******** ******** ******* **** ******* obligations of * particular entity to transfer ****** or ******* ******** ** ***** ******** ** *** future ** * ****** of **** transactions or events *********** ********* obligations ** other entities3) ****** or *** ****** called *************** equity ** *************** ****** for * *********** is the ******** interest in *** ****** ** ** ****** **** remains after deducting ************* *********** ** ******* **** *** ********* ** ****** resulting **** transfers ** ********* ******** ***** to a ******* in exchange for ********* interest5) ************* ** ******* **** *** ********* ** ****** resulting from ********* ** owners6)Revenues: ******** are ******* ** other ************ of assets or *********** of *********** from ********** or ********* ***** rendering ******** or other activities **** ********** *** ********** ******* ***** ** ******* ********** ******** *** gross ******* as **** *** ******** ******* ****** ** *** cost ** ********* *** ***** or ********** Gains: ***** *** ********* in ****** **** ********** ** ********** ************ of ** ****** ***** are *** ******* *** ********** between the ****** ******** and **** value ******** *** ******** ** ***** using up ** ****** ** incurrences ** *********** ****** * period **** ********** ** ********* ***** rendering ******** ** ***** ********** **** ********** the ********** ongoing ***** ** ******* ************ ********* They *** ***** ******** ******** ** ********** ********** ****** represent ********* in equity ******* from ********** ** ********** transactions of ** entity10) ************* income: ** ** *** change ** equity ** * business ********** ****** a period from ************ *** other ****** and ************* **** ********* sources It ******** all changes ** ****** during * period ****** ***** ********* from *********** ** owners *** distributions ** owners Financial ***************** statement ******** ** * process which ******** past *** ******* financial data *** *** purpose of ********** performance and ********** future risks and ********* ********* statement analysis ** used ** ********* ********* ******** ******** **** ******* officers ******** ******** ****** authorities ********** agencies ****** ****** customers *** **** other ******* who rely on financial **** for ****** ******** ********* ***** * ****************** ******** ** **** ** analyze ******* ** ****** ** ****** ******* ****** or profitable ****** ** ******* a monetary ********** ** ** **** ** ******** ********* ******** *** ******** of * ******** ** ************ ************ between *** ******** ** balance sheet and income *********  Components ** ********* ********* RevenuesRevenues *** *** ****** main source of **** *** ******** quality *** ****** ** ******** *** ********* long-term ******** ProfitsIt ******* *** ******* ** *** firm ** **** ****** and ******* ****** ** **** *** short- *** long-term * ********* ****** ** ************* ** ******* ***** on *** ****** ************ *********** EfficiencyOperational efficiency ******** how **** *** **** ** ***** *** ********* A **** ** *********** efficiency ***** ** smaller ******* and ****** growth 4 Capital ********** *** *************** ********** *** ******** are of interest ** lenders and ********* ** ****** *** ****** ******* ** ****** in business in the long run ******* ****** ** ******* *********** ****** ** the conduct ** *** ******** *** *** ******* ** pay *** obligation ** ********* *** ***** third ******* in *** ********* ********* * ********* ********* requires the *** ** **** the ****** ********* *** *** ******* ***** ** **** ** other ********* and ************* *********** ****************** ******** ********* *** firm ability ** maintain ******** **** flow while satisfying ********* *********** **** *** ***** on the *********** ******* ******************* ****** * W ********** * * ***** *** F (2003): *** ******** and *** ** Financial ********** *** ******* John ***** ********* ********* ********** ***** ************************************************** ********* ** ********* ********** ******** (SFAC) ** ** Elements ** ********* ****************** ******** to include *** ******** recommended *** *** ****** ***** *** ***********