Can I please have the similarities and differences between accounting statements and financial statements. Which would...

Can I please have the similarities and differences between accounting statements and financial statements. Which would be better for analyzing the financial performance of a company? Any information would be great. Thank you in advance.

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Expert Solution

Accounting statement	Financial statement
Accounting statement is statement of particular account which is reflected in form of general and ledger. Accounting statements helps in making financial data as accounting data is set of individual accounts.	Financial statement is set of headers which reflects the status of overall financial data. Financial data consist of Balance Sheet and Income statement.
Accounting statement is in detail and require specific set of skills to comprehend.	Financial statement is more precise so that any layman can grasp the content of it.
Count of accounting statements can be numerous because each event with different nature requires separate ledger balances.	Financial statement combines various accounting date and club those data under different limited headers.
Performing analysis at each level of accounting data is tedious job because there are many account statements.	Financial statements analysis far easier than account statement and its analysis. Financial data has few headers that makes things easy to analyze and review.

jeff jeffy answered 1 year ago

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