Financial Annual Statements – Source of Information for Determining the Company’s Financial Position and Performance

Avram Veronel (), Puican Liliana () and Avram Marioara ()
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Avram Veronel: Faculty of Economics and Business Administration University of Craiova
Puican Liliana: Faculty of Economics and Business Administration
Avram Marioara: Faculty of Economics and Business Administration University of Craiova

Ovidius University Annals, Economic Sciences Series, 2012, vol. XII, issue 2, 982-986

Abstract: Annual financial statements represent an accounting instrument of great importance in the management activity, being necessary for both the substantiation of decisions on allocation, financing, use and recovery of funds and the organization of control over the implementation of the decisions taken, as well as for the establishment of certain rights and obligations, liabilities arising from the management and development of the patrimony. The fundamental condition that annual financial statements must meet is to reflect reality, regarding both the elements of active and passive at the disposal of economic operator. Importance of financial statements is given by the usefulness of the information provided by them, which often are the only ones that users have access to and on which they must base their economic decisions and justify the use of their financial resources..

Keywords: annual financial statements; the entity's performance; economic indicators; financial analysis; balance sheet. (search for similar items in EconPapers)
JEL-codes: M40 M41 (search for similar items in EconPapers)
Date: 2012
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