Financial statement that measures a company's financial performance over a specific accounting period. Income statement or profit & loss account Statement of financial position Statement of cash flows.
Contains accounting information on assets, liabilities, and equity of an organization as of the report date. Statement of financial position (or balance sheet) Statement of cash flows Income statement or profit & loss account.
Shows how changes in the statement of financial position and income statement affect cash and cash equivalents Statement of cash flows Statement of financial position (or balance sheet) Income statement or profit & loss account.
Profit/loss = Revenue – expenses Income statement or profit & loss account Statement of financial position Statement of cash flows.
Breaks the analysis down to operating, investing and financing activities Statement of cash flows Statement of financial position (or balance sheet) Income statement or profit & loss account.
Assets, expenses, revenues, liabilities and owner’s equity are the main elements of Financial Statement Budgeting Breaking even point.
Ongoing cost for running a product, business, or system. Operative Expenses Capital Expenditure Liabilities Flow .
The cost of developing or providing non-consumable parts for the product or system. Capital Expenditure Operative Expenses Liabilities Flow .
The accounting equation: Assets = Equity + Liabilities Assets = Equity - Liabilities Equity = Assets - Liabilities.
The accounting equation can be extended as follows: Assets = Equity +/- Loss + Liabilities Assets = Liabilities +/- Loss - Equity Equity = Assets +/- Loss + Liabilities.
Match the concepts Assets Expenses Liabilities Owner’s equity Income.
Income State Formula, match the concepts Gross Profit Operating Income Net Income.
Match the concepts Current assets Non-current assets Personal Liabilities Business Liabilities .
The owners' stake in the business, how much of the business assets are owned by the owners instead of creditors it is known as Owners’ Capital Capital Expenditure Operative Expenses.
The amount/percentage of net earnings not paid out as dividends but reserved by the organisation for reinvestment purposes.
Retained Earnings Owners’ Capital Operative Expenses.
Check the Current Liabilities Cash at bank Cash dividends payable Accrued expenses Short term note payable Accounts payable Taxes payable Unearned revenues Inventory Trade receivables.
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