Paper Summary:

This paper outlines the three basic financial reports that are part of financial accounting. The paper also explores how
the Sarbanes-Oxley Act improves the validity of the
information provided by a firm's accounting system.

From the Paper:

"The basic three financial reports that are part of financial accounting are the Balance Sheet, Income Statement and Statement of Cash Flows. According to an essay written by Michael Dennis and published online on the Encyclopedia of Credit website, a Balance Sheet presents information about a company's assets, liabilities and equity. A Balance Sheet will normally divide assets into current assets and noncurrent or fixed assets. Current assets are those assets which will be converted to cash within the next months. Fixed and non-current assets..."

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