Financial Statements A Set of Financial Statements Includes Three Related Accounting Reports,or

question 7

Essay

Financial statements
A set of financial statements includes three related accounting reports,or statements.In the space provided,list the names of three primary statements,and give a brief description of the accounting information contained in each.

---

Definitions:

Managerial Attention

The focus and prioritization that managers give to specific issues, projects, or tasks.

Management By Exception

A leadership strategy where managers intervene only when performance deviates significantly from standards, allowing for more autonomous operation otherwise.

Performance Objectives

Performance objectives are specific goals identified to measure the effectiveness and efficiency of an employee's job performance.

Output Standards

The pre-determined levels of performance or production that a process or system is expected to achieve.