0
What are two basic financial statements.Explain their importance to the various uses?
Abhijeetrajkhowa
The two basic financial statements are the Income Statement or Profit & Loss Statement and the Balance Sheet. The Income Statement reflects the revenues and expenses for a period in time such as January 1, 20xx through the date you are working on say August 31, 20xx. These revenues and expenses give you the net income or (loss) for that particular period.
The Balance Sheet is a report of the business for a point in time, August 31, 20xx. The assets and liabilities of the business as well as the owners equity in the business make up the Balance Sheet. Assets - Liabilities = Owners Equity. The net income or (loss) from the Income Statement flows over to the Balance Sheet under the Equity section.
Business use these reports to understand the financial position of their business ans where to make changes for future years. Investors use these reports to make decisions on whether they want to invest or provide loans to the business. Accountants use these reports to prepare tax returns for both individuals and businesses depending on the type of entity the are...corporation, partnership, sole proprietorship.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
What is the basic financial equation for businesses?
Revenue-expenses= profit or loss. Hope this helps!(:
What does the break even calculator do?
The Break Even Calculator helps to calculate the amount of money a business need to make in order to break even with expenses. It is a basic financial tool for any businesses.
How many different combinations of dots are used in Braille?
64There are 6 basic dot locations in Braille, enough to create about 720 different characters. The basic 26 characters are the English letters A to Z and numbers (1 to 9 and zero, which are the same as letters A to J but indicated by a separate "number" symbol). There are special characters for accented letters in various languages. Characters may also be used for contractions, conjunctions, prepositions, music notation, and special symbols in math and various scientific fields.To view all the characters, see the related link.
How any colors are in the color wheel?
There are twelve colors on the basic color wheel.There are twelve colors on the basic color wheel.There are twelve colors on the basic color wheel.There are twelve colors on the basic color wheel.There are twelve colors on the basic color wheel.There are twelve colors on the basic color wheel.There are twelve colors on the basic color wheel.There are twelve colors on the basic color wheel.There are twelve colors on the basic color wheel.
Would a meter be a basic unit of measurement?
Yes. It is one of the 7 basic units of the SI.Yes. It is one of the 7 basic units of the SI.Yes. It is one of the 7 basic units of the SI.Yes. It is one of the 7 basic units of the SI.
What are basic uses and importance of statistics?
importance of basic statistics
What are the 13 basic features of financial accounting?
13 basic features of financial accounting?
What are the basic financial decisions?
basic financial decisions are three type: 1. Financial Decisions, 2.Investment Decisions, 3.Dividend Decision.
Basic Financial Calculator?
Basic Financial Calculator This basic financial calculator works just like a pocket financial calculator. In addition to the normal calculator arithmetic it can also calculate present value, future value, payments or number of periods.
How do you get into Keller graduate school?
Yes, oracle financial services provides basic accounting services. Yes, oracle financial services provides basic accounting services. Yes, oracle financial services provides basic accounting services.aewr a
The basic objective of financial accounting is to?
provide quantitative information to users of financial positition.
What is the best place to compare child trust funds?
Various financial websites such as MoneySavingExpert will allow you to compare different child trust funds, however these will vary based on where you live. Use these websites to get basic knowledge and then get more in-depth information directly from financial institutions.
The basic financial statements of business organization?
I love you!
What is the basic structure of thePhilippine financial system?
a frog
Basic function of various blocks of c band satellite receiving system?
first basic function of various is Antenna
What are the basic steps of problem solving in math what are the importance of following these steps when presented a problem?
what are the basic steps of problem solving in algebra and what are the importance of following these steps when presented in a problem.
The basic objective of financial accounting is?
The basic objective of financial accounting is the formulation of financial statements including the balance sheet, income statement and cash flow statement. Income statements show the company's operating performance quarterly or annually.
