Financial Statements

Journal- recording the transaction chronologically.

Ledger _ recording the transactions in a classified and grouped .

Trial balance - The balances of ledger sorted Dr. balance and Cr. Balance and grouped.

I will not say it is impossible, however, most individuals who attempt something this drastic wind up dropping out of college. There are some accelerated programs offered by colleges and universities, but I am not aware of any that would cut that much time off.

A cash flow statement is the flow of money in and out of a business. If the bank statement is for your business, then yes, it'd be included on the statement sheet.

Internal financial statements and pbulished financial statements of a company are different in the following ways: 1. Terminologies - For example, for internal accounts, we use sales, but for publised accounts, we use turnover. 2. Details - In internal income statements, we list down all the expenses, but under published income statements, expenses are grouped tinto administration and distribution. 3. Format - Publised financial statement must follow a straight format according to FRS 101 and Bursa Malaysia Listing Requirements. 4. Disclosure - Need to disclose the following under published accounts, (1) significant accounting policies (2) financial cost (3) earning per share (4) related party transaction (5) income tax expenses, etc The above disclosures are not required under internal financial statements.

If your question relates to paying Company A's expenses with Company B's money, those entries belong in accounts; "Due to Company B" and "Due from Company A", which would appear on the balance sheet.

Firstly, what is deferred financing cost? Deferred financing costs is an accounting concept meaning costs associated with issuing debt (loans and bonds), such as various fees and commissions paid to investment banks, law firms, auditors, and so on. Since these payments generate future benefits, they are treated as an asset. The costs are capitalised, reflected in the balance sheet as an asset, and amortised over the finite life of the underlying debt instrument. Early debt repayment results in expensing these costs. In case of issuing securities without specific maturity, such as perpetual preferred stock, financing costs are not capitalised and expensed immediately.Deferred financing costs is an accounting concept meaning costs associated with issuing debt (loans and bonds), such as various fees and commissions paid to investment banks, law firms, auditors, and so on. Since these payments generate future benefits, they are treated as an asset. The costs are capitalised, reflected in the balance sheet as an asset, and amortised over the finite life of the underlying debt instrument. Early debt repayment results in expensing these costs. In case of issuing securities without specific maturity, such as perpetual preferred stock, financing costs are not capitalised and expensed immediately. Amortization of deferred financing cost is a non-cash expense & it is to be treated as a normal amortization as in for any other intangibles, if and only if, depending upon the nature of the business allows for the same. By nature of business, we can understand as if it is a mortgage company/ financing company, it can be treated as a normal intangible asset for such companies and such costs needs to be amortized as well for the consideration in the Cash Flow of the companies. Moreover, such costs are mere deferred charges for other kind of businesses, which do not fall under the like businesses as aforesaid.

Bond is issued to raise capital which is liability for business and shown under liability section of balance sheet.

operating cycle or one year, whichever's longer

The Cash Basis Accounting method is the method used to record income (revenue) ONLY when cash is received and expenses ONLY when cash is paid out. Cash Basis Accounting does not conform to the GAAP and is not considered a practical accounting method.

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Bad Debt Expense does not appear on the balance sheet. It is only on the income statement. Allowance for Uncollectible Accounts does appear on the balance sheet.

On a typical paycheck in the United States, you will see income taxes withheld and Medicare/Medicaid/Social Security taxes withheld.

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Net income allocatable to common stock holders is that amount of income which only available for common stakeholders and all other kind of capital is paid like dividend or interest on preference shares as well.

Sale of assets reduces the asset account as well as accumulated depreciation account while increases the cash or bank account

Current Liabilities are liabilities that will become due in a short period of time (usually one year or less) that are to be paid out of Current Assets. These include such liabilities as accounts payable, interest payable, etc.

Long Term Liabilities are liabilities that are due over an extended period of time, such as Notes Payable. Long Term refers to liabilities that are for more than a year.

temporary acct will not appear on balance sheet

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Depreciation is shown in balance sheet as a reduction from the actual cost of the assets in the balance sheet rather addition to related asset.

The total depreciation for an accounting period is recorded as a depreciation expense on the income statement. This reduces net income, which is also known as the bottom line. Net income equals revenues minus expenses. Higher depreciation expense contributes to higher total expenses, which results in lower net income. Companies with mostly older assets that have been fully depreciated and companies with few long-lived assets benefit from low depreciation expense and higher net income.

The value of the issued bond for a normal company would be reflect under the heading of Financing Activities.

Accrual method. http://www.toolkit.com/small_business_guide/sbg.aspx?nid=P06_1340 Accrual method. http://www.toolkit.com/small_business_guide/sbg.aspx?nid=P06_1340

The Goods and Service Tax falls under the operating activities portion of a cash flow statement. Companies now have to compute how the GST is going to impact their pricing strategies. Is the tax going to be passed on to the consumer in part and if so, how will the reduced income from sales affect the rest of the company's bottom line.