(L. OBJ. 2, 3, 4, 9) Users of financial information; the accounting profession, types of business organizations, and preparing the financial statements [15—20 min]
Terry Maness publishes a travel magazine. In need of cash, the business asks Metro Bank for a loan. The bank requires borrowers to submit financial statements. With little knowledge of accounting, Terry Maness, the owner, does not know how to proceed.
Requirements
1. Explain how to prepare the balance sheet and the income statement.
2. Which organization is the self-regulating body of accountants that defines pronouncements that guide how the financial statements will be prepared?
3. Indicate why a lender would require this information.
4. What type of organization is Terry Maness?
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