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Financial Statements
A financial statement is a record of the financial activities of a person or business entity where all related financial information are presented in an orderly manner and can be easily understood.
5,583 Questions
Company accounts Unilever Philippines - Financial statements - Unilever Annual Report 2008?
Unilever's 2008 Annual Report is a 165 page PDF document that can be found by asking a search engine to find "Unilever Annual Report 2008".
Is sales revenue a liability or asset?
Neither. Sales revenue is a P&L account, not a balance sheet account. When booking an entry to sales you would credit sales and either debit cash or accounts receivable.
How do you calculate cash for a trial balance sheet?
...you check how much cash is in your pocket and in your bank accounts. That is the cash amount.
Is amortization on the cash flow statement?
Amortization itself don't reduce the cash flow from business that is not part of cash flow statement because it is just the allocation of intangible asset cost to profit and loss statement and not actual cash inflow or outflow.
What is the Affect of accrued income in balance sheet?
Accrued income is an asset to the Organisation as It has earned the revenue but has
not physically receive the funds for it by the end of financial year.
It will be classed as a current asset.
Do financial statements show the market value of an asset?
In general, financial statements show the book value of an asset, not the market value.
The few instances where the financial statements will show market valuations are as follows:
* When derivatives are carried for hedge purposes, they are periodically marked-to-market
* When an investment appears to materially have lost value (when comparing to similar instruments in the market or, for illiquid markets, when operating cash flows from an investment go down markedly), conservatism requires the asset value to be moved to the "market" or lower price
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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.
Assets equals liabilities plus net assets?
Yes. Assets = Liabilities + Net Assets.
Net assets are traditionally referred to as equity (the phrase net assets are typically used by not-for-profits and non-profits).
Who was the founder of accounting?
According to accounting historian John R. Alexander, accounting has been around for thousands of years. Records of commerce date as far back as 3500 BC in Mesopotamia. Similar styles of accounting were also seen in Ancient Egypt, China, Greece and Rome. Even in medieval times there were "standards" and records of accounting activities.
Most historians favoring a more modern perspective look to the contributions of Luca Pacioli and Benedetto Cotrugli. Cotrugli proposed and provided techniques for the double entry method of accounting in Delia Mercatura et del Mercante Perfetto(Of Trading and the Perfect Trader). Pacioli expanded on the system developed by Cotrugli in Summa de Arithmetica, Geometria, Proportini et Proportionalita (Everything About Arithmetic, Geometry and Proportion).
More detail is available in John Alexander's paper, The History of Accounting, available on the Association of Chartered Accountants in the United States web page.
What is the difference between net income and net revenue?
Revenue:
Is the amount you earn by selling your product or services.
Net Income:
Is the amount that remains from your revenue after deducting all costs which you have incurred for making that product or providing services.
Example:
For example, if you go and give tuition to somebody and that person gives you $100 then this is your revenue. But you have to pay taxi fare of $10 to reach the tuition center then this taxi fare is your cost, and you will deduct this cost from your revenue to reach to net income of $90.
Net Profit = Revenue - Cost
$90 = $100 - $10
Hope this helps!
Impontance of balance sheet and profit and loss statement?
balance sheet show the financial position of the any business entity from beginning to up to date.
Interest due on a note payable?
soes big lot have any notes payable if so when are they due and what interest rate are they paying back.
The basic objective of financial accounting is to?
provide quantitative information to users of financial positition.
In balance sheet what is current assets?
Current assets are things which have monetary value and could be converted to cash in the short term e.g. stocks, cash, debtors. They would normally be things which could be converted to cash within 6 months. Anything longer than this would be considered a long term asset.
