500 word paper in regards to topics below Explain the impact of accounting transactions in financial statements.Describe the elements and purpose of each financial statement.Discuss the components and use of financial analysisYour paper must be formatted according to APA 6th edition guidelines, and you need to use at least one external referenceTo maximize your grade, be sure to use the proper organization (intro, body, conclusion) and follow APA style. Your paper should have a title page and reference page, but you do not need an abstract for this assignment.Accounting Principles: A business perspective, Financial accounting Chapters 1-8 originally by Hermanson, Edwards, and Maher