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	Accounting Function
	Oliver Smith November 00 Peter Gowen Accounting Function: Essay No 48 A) Explain how the following financial statements differ: i) Balance Sheet ii) Profit and loss account iii) Funds flow Statement Ai) The Balance sheet is like a photograph of a company’s financial position a particular point in time, it is used to give an indication of a company’s wealth. ... So profit is an accounting option, while cash is a matter of fact. ... Accounting information is but one source on which to base analysis and decision making. ... Over reliance on crude accounting rules of thumb can cost businesses and the economy dear. Approximate Word count = 953 Approximate Pages = 3.8 (250 words per page double spaced)

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