Financial Statements

Summarize all open vendor invoices. Generally catagorized by invoice date grouped in 30 day increments

If it's given to you, yes. If you give it, then no.

Following are four special journals in accounting:

1 - Sales Journal

2 - Purchase journal

3 - Cash receipt journal

4 - Cash payment journal

The 'balance' of his statement is the monetary value of his account with the credit card company. In this case it is the amount he owes the company.

straight line method

A bank reconciliation statement allows you view all of your transactions in one document, which makes it easier to find a transaction you may have forgotten to document or one you may have duplicated. There really aren't any disadvantages to bank reconciliation statements.

COMPARATIVE STATEMENT COMMON-SIZE STATEMENT (Horizontal Analysis) (Vertical Analysis) (1) It shows figures for successive years side by side, along with the amount of change and percentage of change. (1) It shows figures for the same year in the form of percentages of some base figure. (2) Comparison is made between the figures of the current year or successive years with those of a base year. (2) Comparison is made between the figures of the same year. (3) It is a horizontal analysis because the comparisons made are on a horizontal plane from left to right. (3) It is a vertical analysis because the comparisons are made vertically from top to bottom for an analysis of the component changes that occur from year to year with certain base figure within those years. (4) Comparison is made both in absolute figures & percentages. (4) Compariosn is always made in percentage form. (5) It is used for both inter-firm and intra-firm comparison. (5) It is mainly used for inter-firm comparison. (6) It fails to show the relative importance of individual figures in a statement. (6) It shows the relative importance of each individual figure in a statement.

profit is when the company is making money and a loss is the company is not making money.

financial statement analysis through the use of ratios helps us understand and interpret information contained in financial statements. the ratios computed can be compared with the industry averages and a rational investor can then tell whether a firm is performing well or poorly compared to other firms.

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Lets say you are a dealer for machinery. The financial flooring company puts up the money for you to buy the machinery. This allows you the "floor" the product meaning

making it for sale at your location....on your sales floor. When you sell it you pay back the flooring company what they loaned you plus interest.

Importance of Financial statements are declarations of information in financial terms about an enterprise that are believed to be fair and accurate. They describe certain attributes of the enterprise that are important for decision makers, particularly investors (owners) and creditors.

selling expense

For doing that you need to have internet banking enabled. If you have it then you will have a user id and password that is linked to your bank account. If you use those credentials to logon to internet banking website of SBI, you will be able to check your balance.

What is an ullage report

You can create a balance sheet on one worksheet.

No proceeds from sale of building is part of cash flow statement while profit or loss on sales of building is part of net income in accrual base accounting while cash base accounting it is part of net income or loss.

General Journal

Sales Returns and Allowances - A company with sales returns and allowances can record them in the General Journal.

revenue

Cash deposit to bank has contra entry as follows:

[Debit] Bank account

[Credit] Cash account

Withdrawals

An increase in Land and a decrease in cash, total effect is zero.

Yes in merchandiser balance sheet there is stock of items available in balance sheet while in services balance sheet there is no inventory item available.

principle

Retained earning and net income don't match in case where some part of net income is paid to shareholders in form of dividend.

Free cash flow equals operating cash flow plus investing cash flow.