Understanding Financial Statements

Written by Peter Tran

June 12, 2017

Financial accounting’s focus is on the financial reports distributed to people outside of the company. The major component of financial reporting is the financial stateMents: income stateMent, balance sheet, stateMent of cash flows, and the stateMent of stockholders’ equity. The income stateMent indicates a company’s profitability during a specified time period such as one year, […]

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Financial ’s is on the financial repo distributed to people outside of the company. The major component of financial reporting is the financial statements: income statement, balance sheet, statement of , and the statement of stockholders’ equity. The income statement indicates a company’s profitability during a specified time period such as one year, three months or one month.

Under accrual the income statement repo the amount of revenues earned and the expenses that were incurred to earn the revenues. Expenses also include costs that expired during the period of the income statement. If a corporon’s stock is publicly traded, the income statement will also report the earnings per share of common stock. The balance sheet repo a corporon’s s, liabilities, and stockholders’ equity as of a specific instant, such as midnight of December 31. Most balance sheets will all of the current s and all of the current liabilities. This allows readers to easily see the corporon’s working capital and current ro. The statement of organizes the exons of the change in cash and cash equivalents into three sections: operng activities, inment activities, and financing activities. The statement of stockholders equity provides a summary of the changes occurring to stockholders’ equity during the period. The changes include net income, dividends declared, purchase of treasury stock, and other comprehensive income.

In order for the readers of these financial statements to make comparisons with other companies, it is necessary that the financial statements follow some common rules. The rules are referred to as ly accepted principles or GAAP (pronounced gap) and consist of several components. One component of GAAP is the basic or fundamental principles and concepts such as cost, matching, going concern, economic entity, materiality, conservsm, consistency, reliability, and others. You can see a brief exon of these basic principles along with an example of each at Coach.com.

Another part of GAAP includes the detailed rules established by the Financial Standards Board or FASB (pronounced fas Bee). These pronouncements are entitled statements of financial standards. FASB interpretons are also part of GAAP. You can view these pronouncements at [http://www.FASB.org/st]. The rules established by the predecessors of the FASB remain as GAAP unless they have been superceded by the FASB.

Lastly, GAAP includes industry practices. For example, the balance sheet of a public utility will list the t s ahead of its current s. Unique reporting practices often occur in industries that are regulated by government agencies.

The financial and financial reporting of publicly traded corporons also include the annual report to the Securities and Exchange Commission (Form 10-K), the annual report to stockholders, and various press releases on financial matters.

The Coach is a former university instructor known for his clarity in presenting informon. He now spends his time developing a website of material, http://www.AccountingCoach.com

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financial accounting’s focus is on the financial reports distributed to people outside of the company. the major componENT of financial reporting is the financial statemENTs: income statemENT, balance sheet, statemENT of cash flows, and the statemENT of stockholders’ equity. the income statemENT indicates a company’s profitability during a specified time period such as one year, […]

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How To Really REALIZE DREAMS COME TRUE?

Happiness is for those who plan well and pursue. A profound among us have been proven those who have true dream to live for likely REALIZED IT. It is just simply the person working toward the DREAM days and night until accomplishment. There is a phrase of efficiency a head of you. Steps and obstacles at first seem tremendous. However, just with some times those difficult steps and challenges are so easy performance for you. There are also plenty of tools including VISUALIZATIONS and helps are around you.

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