Week 5: Financial Statements Used in Accounting (continued)
While this course is self-directed, it is important that you work on course assignments regularly to keep from falling behind and leaving the majority of the coursework until the end of the term. The Interactive Unit(s) that pertain to this week are, Unit 3: Financial Statements Used in Accounting.
Laureate Education. (2019). ACCT 1004S: Accounting Fundamentals [Lecture Notes]. Retrieved from Laureate Education, Inc.: https://class.waldenu.eduInteractive Unit 3: Financial Statements Used in Accounting
Discussion: Uses of the Notes to the Financial Statements and the Auditor’s Report
The auditor’s report is a vital component in the reporting of financial information to third-party users. For instance, businesses can utilize an auditor’s report to attract investors, obtain loans, or improve public appearance.
To complete this Discussion:
Think about the following:
- The purpose and functions of the notes to the financial statements
- The auditor’s report, which are both in the annual report
What significant information is included in the auditor’s report? What crucial information to completely understanding the financial statements could be included in the notes to the financial statements?
By Day 7 of Week 5
Post a response that expresses your thoughts on:
- The uses of the notes to the financial statements
- The significant information found in the auditor’s report
The length of your response(s) must be a minimum of 150 words.
By Day 5 of Week 6
Post one response to a classmate’s post or to an Instructor follow-up post. As you write your response, consider doing the following:
- Ask a probing question based on something your classmate said.
- Share an insight from having read the posting.
- Offer and support an opinion.
- Validate an idea with your own experience.
- Make a suggestion.
- Expand on your classmate’s posting.
Your response post must be a minimum of 150 words.
Submission and Grading Information
Post by Day 7 of Week 5 and Respond by Day 5 of Week 6
Week in Review
This week, you continued completing Interactive Units.
In the next week, you will continue working on the Interactive Units.