The main objective of the financial statement is to true, relevant and timely information to all its audience. It also reflects the effects of economic events on the business. Financial statement reporting, business events are categorized into three types: financing, investing, and operating events. When a business is started finance needs to be arranged. With this finance the business invests in assets for conducting business operations. Periodically, owners and creditors want financial information about the …showed first 75 words of 199 total…

…showed last 75 words of 199 total…gt;Balance sheet: describes the business's assets, its liabilities, and the owners' equity in the business as of the last day of the reporting period. *<Tab/>Statement of cash flows: reports cash inflows and cash outflows from financing events, investing events, and operations during the reporting period. 1) Usefulness of Financial Information 2) Different User Groups of Financial Statement & their Requirements 3) Ratio analysis for Scottish Power 4) Creative Accounting by Scottish power