Financial Accounting

I am here to talk about Financial Accounting.. So.. it will be pretty boring. Once again, i learned about the 13 concepts. with one or two new ones. Then, i learned of something which you would call "financial statements" (FRS) Its definition is to provide enough and relevent information to users so that they are able to make knowledgable and decisive decisions with regards to an enterprise. That may sound confusing... But basically, these are the few users who are interested in an enterprise. Govt, Investors/shareholders, creditors/lenders, employees, customers, suppliers, and public. I ain't too sure of public and only have a rough idea of the govt area. Govt has something to do with allocating resources and are hence interested in the enterprise. It also talks about through reading the FRS, the govt is able to tax a resonable amount based on the company's revenue. This in turn also leads to a proper and fair distribution of salaries as well. Secondly, investors are worried about the risks of their investments. They have the fear of losing their returns when they invest, and they might or might not be able to provide dividends for their employees. Thirdly, creditors. They just want to see if their debtors are able to pay back the money along with the interest when the date is due. Okay.. i'm quite exhausted... BRB!