Financial Statement Analysis Angel J. Elias Rivera ACC 561-PR June 15, 2015 Manfredo Rodriguez-Boissen Financial Statement Analisys The accounting is one of the most important areas within a business. This shows us the financial position of the company. There are four financial statements which are Balance sheet, Income Statement, cash flow and changes in equity. Those statements are regulated by the FASB which has brought the GAAP to stablish the same accounting for the US business.
Words: 869 - Pages: 4
There are four basic financial statements that support the model of the financial accounting process. Each of these statements measures the total number of assets, liabilities, expenses, and revenues of a given company and documents them according to the respective statement. The four basic financial statements that make up financial accounting are the income statement, retained earnings statement, balance sheet, and the statement of cash flows. Each statement serves its own unique purpose, yet
Words: 798 - Pages: 4
ACC/290 Week one’s reading talked about the four basic financial statements and how financial statements would be useful to external users. We also learned the rules of credits and debits. As a team, we have come together and discussed how these objectives relate to the practice of accounting and its uses in business. The four basic financial statements are Balance Sheet, which includes a summary of a company's assets, liabilities, and shareholders equality at a specific point and time. The
Words: 634 - Pages: 3
Financial Statement Differentiation Raven Vaughn Accounting 561 November 7, 2011 George Bray Financial Statement Differentiation This paper briefly introduces the four types of documents in a financial statement, the information they contain, and their importance to investors, managers, and creditors. Financial Statements Four documents make up a complete financial statement: income statement, statement of retained earnings, balance sheet, and statement of cash flow
Words: 739 - Pages: 3
Financial Accounting: Basic Accounting Concepts: (The Income Statement) This chapter introduces the idea of income as used in financial accounting, and describes the income statement. Course of discussion outline: The last six basic concepts namely the following: 6. Time period 7. Conservatism 8. Realization 9. Matching 10. Consistency 11. Materiality The nature of income Now let us first differentiate the balance sheet and income statement, balance sheet described were which
Words: 2877 - Pages: 12
The Four Types of Financial Statements Aaron Ellyson University of Phoenix The Four Types of Financial Statements In today’s business environment an employee’s ability to read, follow, and interpret financial statements is an integral part in ensuring a business is properly positioned to succeed and operate profitably. Understanding what the numbers represent, how business decisions influence those numbers, and what categories comprise the data shown on these statements will enable employees
Words: 874 - Pages: 4
Financial Statements Paper Brandy Nixon ACC/290 11/15/2011 Annette Anigwe Financial Statements Paper There are four basic financial statements that are used to record various transactions of the day-to-day through the year-to-year activities in a company. There is the income statement, the retained earnings statement, the balance sheet, and the statement of cash flows. There is a specific use for each one of these statements, and they all work together to show what is going on within a company
Words: 866 - Pages: 4
Financial Statement Paper Barbara Watson ACC/290 February 1, 2012 Courtney Wilson Financial Statement Paper In any business or organization that is established there has to financial records kept consistently to be as follows; (1) compliant with federal business laws, (2) in accordance with Internal Revenue Service, and last no fraudulent reporting in profit gains. In this paper I will attempt to explain the four basic financial statements, describe their purpose, and the usefulness
Words: 880 - Pages: 4
ACC 537 Basic Accounting Concepts Sources of GAAP There are four bodies who take part in the creation of Generally Accepted Accounting Principles. The first of which is the Securities and Exchange Commission (SEC). Companies that go public must file financial statements with the SEC. The SEC creates a standard of financial statements that the companies must file. The SEC works with the private sector as well by encouraging resolving reporting problems and may also reject standard proposals
Words: 508 - Pages: 3
Basic objectives Financial reporting should provide information that is: * useful to present to potential investors and creditors and other users in making rational investment, credit, and other financial decisions * helpful to present to potential investors and creditors and other users in assessing the amounts, timing, and uncertainty of prospective cash receipts * about economic resources, the claims to those resources, and the changes in them * helpful for making financial decisions
Words: 793 - Pages: 4
