Financial Statements

Which conclusion can be drawn

Shareholders of the company, the directors of the company, the accountant of the company and future investors or creditors

Under absorption costing you will have direct materials direct labour variable manufacturing overhead and fixed overhead in to product cost. then this figure will be placed on the balance sheet as inventory then to COGS when sold.

However selling and administrative cost will be reflected the later part of the income statement and not in the cogs. These cost are know as the period cost because they are not related to the manufacturing process.

revenue - cogs = gross profit

gross profit - period cost= profit before taxes

cash flow statement

Objectives of financial management:

1. Profit Maximization

2. Wealth Maximaization

3. Find out appropriate sources of finance when a business needs to raise funds. i.e. Loans, shares issue...

Capitalization of fixed assets means the assets which are acquired with a useful life of atleast two years, and recording the cost of that fixed asset in balance sheet.

When an asset is removed from the work in process (WIP) category and is recorded in book of accounts as an asset that can start generating revenue, it is then that it can start to be capitalised and duly depreciated.

federal reserve

tell me what is three different organiztion proprietorship, partnership and corporation

my balance sheet does not balance why?

Functions of accounting are

1. Analysis of financial transactions occurred in an enterprise for a given period.

2. Segregation of transactions by identifying revenue transactions and capital transactions .

3. identifying accounts to be opened for each financial transaction & recording in journal & ledger.

4. Preparing trial balance to verify errors to correct & correction. Preparing final accounts at the end of period to measure of outcome of business to arrive at profit /loss .Analysing reasons for loss if any by financial statement analysis

You would add up both columns on the T account and put the highest figure as the total for BOTH columns. Then in the column which was less you add a balancing figure call Balance Carried Forward to make that column match the other.

Below the totals you would put Balance Brought Foward which is the same as the balance carried forward but it should go on the other side.

You then list all the Balance Brought Fowards figures, keeping them in their debit or credit side. That list becomes the trial balance.

1205

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A sole proprietorship, also known as the sole trader, individual entrepreneurship or proprietorship, is a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity.

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Consolidated financial statements are financial statements that present the assets, liabilities, equity, income, expenses and cash flows of a parent and its subsidiaries as those of a single economic entity.

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Click the back to transactions list link

It has no normal balance.

capital:-profits made by a company which is used to extend its business further for ex. money required to buy resources such as power,raw material,benefits to share holders as incentives,payment to employees.

assets:-assets are something of moral importance for a company to get goings in terms of business for ex any pool of employees can be an asset for company or for a loan taker his home can be an asset such that by selling it he get same money he had taken the loan or a company's share holders can be the assets .

alternately, assets generates capital in form of cash.

no

That's a hard one.

Answer

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Yes

Be added to the drawing account balance

it is neither an expense nor an income

The set of all points in a plane at a given distance from a given point.
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