Accounting concepts are a set of general conventions that can be used as guidelines when dealing with accounting situations. These concepts have also been integrated into the various accounting standards, so that a user will not implement a standard and then find that it is in conflict with one of the accounting concepts. Financial statements are written records that convey the business activities and the financial performance of a company. The balance sheet provides an overview of assets, liabilities, and stockholders' equity as a snapshot in time.

Accounting concepts are a set of general conventions that can be used as guidelines when dealing with accounting situations. Accounting information should be complete in all respects. Accounting information should be made available to users on a timely basis. Financial reporting is the financial results of an organization that are released its stakeholders and the public. This reporting is a key function of the controller, who may be assisted by the investor relations officer if an organization is publicly held. Financial statements, which include the income statement, balance sheet, and statement of cash flows