The article discusses financial accounting and reporting using both cash flow and accrual accounting methods. It explains the skills needed for preparing reports for shareholders and managers, as well as the differences in reporting to internal and external users. The authors illustrate how to prepare financial statements under the cash flow concept and accrual accounting basis. They also cover topics like agency costs, historical cost convention, and adjusting cash receipts and payments. The main goal is to help readers understand how to create accurate financial statements for both internal and external use.