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Financial Statements
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∙ 13y ago
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What are the two major financial statement?
They are the Income Statement also known as Profit and Loss and the other one is the Statement of Financial Position also known as Balance Sheet.
What is a trading profit and loss account?
That is known as the income statement or can by IAS1 it's known as the statement of comprehensive income.
What is trading account and profit and loss account?
That is known as the income statement or can by IAS1 it's known as the statement of comprehensive income.
Does common stock go on an income statement?
The Income statement summaries the revenues and expenses of a company for a period of time. Typically you will find Revenues and Expenses on the income statement. The expenses include the costs that are incurred to operate your business.Common stock will be found on a Statement of Cash Flows, not on the income statement. The information below should help you figure out what information goes into what sheet.Income StatementRevenuesLess: ExpensesEqual: Net IncomeStatement of Retained EarningsBeginning balance, retained earning (usually brought in from the 1st day of the year)Add: Net Income (from the Income Statement)Deduct: Cash Dividends (usually mentioned somewhere in the problem)Ending Balance, Retained EarningsBalance SheetAssets (like cash, accounts receivables, land, equipment)Liabilities (all the bills that have to be paid out)Capital stock (also known as common stock)Retained earnings (brought in from retained earnings statement)Statement of Cash FlowsNet Cash provided by Operating activitiesNet Cash used by Investing ActivitiesNet Cash provided by Financing Activities
The final figure on the income statement which shows the net income after taxes is better known as the?
bottom line
Why is the percent of sales method known as the income statement method?
bacause its lower the sale price
What is Liquidity Statements?
A liquidity statement is a written statement that indicates the maturity of assets and liabilities of a company. It is drawn on a bank's balance sheet and is also known as a statement of maturity of assets and liabilities.
Income and expenditure account?
It is a financial statement and a part of the final accounts of a business.It is also known as the profit and loss statement/account and,,under the new IAS,is known as the statement of comprehensive income.It mainly serves to deduce the profit/(loss) for the year i-e the income minus all the expenses and costs.
The alu and cu jointly known as?
CPU
How are common-size financial statements produced?
The total used by the analyst in vertical analysis on the income statement is net sales revenue, while on the balance sheet it is total assets. This approach, also known as component percentages, produces common-size financial statements.
What does the statement of changes in retained earnings consist of?
The statement of changes in retained earnings, also known as the statement of earned surplus, is documentation that only details the changes in earned capital: the net income and the dividends for a given period.
What is the difference between balance sheet and financial statement if there is any........?
Balance Sheet: Balance sheet is the financial picture of an organization on a given day. while financial statement is a broader term and it can be for a very long time. financial statment is a formal record of business financial activities. it can be a day. month a year or so on. while balance sheet is just a part of a financial statement. in short balance sheet is also a finanaical statement. but finanacial statement can not be balance sheet..
