The Four Basic Financial Statements Marta Karina Briones ACC / 290 July 25, 2013 Professor Louann Schloss The Four Basic Financial Statements There are four basic financial statements in accounting, which are as follow: a balance sheet, an income statement, a retained earnings statements, and an income of cash flows. Each of these statements has their individual purpose in the field of accounting. According to Kimmel (2011),”…the four financial statements form the backbone of financial
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|[pic] |Course Design Guide | | |School of Business | | |ACC/561 Version 4 | |
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cash margin retained by the bank/DFI. c) Letters of credit/guarantee where the payment is guaranteed by the State Bank of Pakistan/Federal Government or banks/DFIs rated at least ‘A’ by a credit rating agency on the approved panel of State Bank of Pakistan. d) Non-fund based exposure to the extent covered by liquid assets. e) Claims other than those related to provision of facilities (fund based or nonfund based) to the banks’/DFIs’ constituents, where the probability of conversion of these
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Revenue is defined in the Framework for the Preparation and Presentation of Financial Statements (2008) as increase in economic benefits during the accounting period in the form of inflows or enhancements of assets or decrease of liabilities that result in increase in equity, other than those relating to contributions from equity participants. Revenue is measured at the fair value of the consideration received or receivable taking into account the amount of any trade discounts and volume rebates
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Bangladesh University of Professionals | Financial Accounting II | Financial Statement Analysis of M.I. Cement Factory | Submitted to: Tapan Mahmud, Lecturer, FBS, BUP Submitted By: Fateh Abedin Chowdhury (B1203025) Shazed Kibria Khan (B1203035) Hisam Ahmed (1203050) Zahidur Rahman Sujon (1203008) 10/21/2013 | Bangladesh University of Professionals Financial Accounting II Financial analysis of M.I. Cement Factory Acknowledgement Any accomplishment requires the effort of many people and
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Factors / reasons for Good will: A person has to pay for goodwill when taking over a business or when admitted as a partner because of Profitability Reputation Locality Public relation Existing business means, the business is being operated and a balance sheet is there for the business at any time. The types of business purchase can be mentioned as follows: a) An individual (a person) purchases a business b) A partnership or a sole trader acquires the business of a sole trader c)
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Fall 13 Fall 13 Professional Accounting 2 Professional Accounting 2 Venturing into Consolidation [Assignment 2] Venturing into Consolidation [Assignment 2] 08 Fall 08 Fall The Accounting Standards Codification states “a legal entity that is deemed to be a business” unless any of the following conditions exist: First, reporting entity participated significantly in the design or redesign of the legal entity (ASC 810-10-15-17d). This condition does not apply if the legal entity is an
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Competition Bikes Inc. Horizontal Analysis Competition Bikes Inc. net sales when matched to the previous year were substantially lower. In essence, the current economic changes attributed to this situation. However, the company anticipates per unit transactions will go into a period of growth over three subsequent years, and it will thus continue being profitable. In spite of the noted low sales numbers, the net price of product sold when matched to net sales; stayed at seventy percent
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financial effects of business transactions and events on the entity. Types of Financial Statements They are three (3) types of financial statements, this are; 1) Statement of Financial Position Statement of Financial Position, also known as the Balance Sheet, presents the financial position of an entity at a given date. It is comprised of the following three elements: Assets: Something a business owns or controls (e.g. cash, inventory, plant and machinery, etc.) Liabilities: Something a business
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Financial Analysis Financial Analysis is used to assess the company’s viability, stability and sustainability. All the Values are taken from Prowess. | 1 | 2 | 3 | 4 | 5 | 6 | Year | Mar-08 | Mar-09 | Mar-10 | Mar-11 | Mar-12 | Mar-13 | Current ratio | 0.173 | 0.214 | 0.23 | 0.246 | 0.227 | 0.341 | The Current Ratio though increasing but it is less than 1. That indicates that Dominos current Liabilities exceed its current assets, thus Dominos may have issues catering its short term
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