Financial Statements XACC/290 January 12‚ 2014 Melissa Drayton Financial Statements There are four basic financial statements: balance sheet‚ income statement‚ retained earnings statement‚ and statement of cash flows. These financial statements would include an overview of the assets‚ liabilities‚ expenses‚ and revenues of the business. Financial statements are useful not only to internal user; such as managers and employees‚ but also to external users; such as investors and creditors to
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Abstract Financial statements are used by so many different types of people from investors‚ to creditors‚ managers and even employees. These statements are proven useful tools that provide valuable information about a business enabling the user of the statements to make the most appropriate business decisions. Financial Statements Four Basic Financial Statements There are four basic financial statements in accounting: 1. Balance Sheet 2. Income Statement 3. Retained Earnings Statement 4
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Financial Statements: The Starting point In the Study Of accounting The principal means of reporting general-purpose financial information to persons outside a business organization is a set of accounting reports called financial statements. The persons receiving these reports are termed the users of the financial statements. A set of financial statements consists of four related accounting reports that summarize in a few pages the financial resources
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are two of the four key qualitative characteristics of financial accounting information. The others being understandability and comparability. Relevance requires that the financial accounting information should be such that the users need it and it is expected to affect their decisions. Reliability requires that the information should be accurate and true and fair. Relevance and reliability are both critical for the quality of the financial information‚ but both are related such that an emphasis
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Financial Statement Companies use several tools such as a balance sheet to make sound business decisions. A balance sheet is a quantitative summary of a company ’s financial condition at a specific point in time‚ including assets‚ liabilities and net worth. The first part of a balance sheet shows all the productive assets a company owns‚ and the second part shows all the financing methods (such as liabilities and shareholders ’ equity) Also‚ called statement of condition.
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company’s accounting statements or financial statements and making comparisons with relevant information Financial Ratios are measures of relative values of key financial information. Ratio Analysis involves methods of calculating and interpreting financial ratios to assess the firm’s performance. Ratios are measured as (1) percentages; (2) times or multiples; and (3) number of days. Ratios are of interest as key indicators of financial health to: shareholders
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N5213 Cultural Competency in Nursing Education Rachelle Hawk Module One Journal Entry: What does cultural competency mean to me? When I first started this course I began to ask myself‚ “Am I culturally competent?” Did I even know what cultural competency means? The Office of Minority Health (2005) describes cultural competency as “a set of congruent behaviors‚ attitudes‚ and policies that come together in a system‚ agency‚ or among professionals that enables effective work in cross-cultural
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Triple Entry Journal for “Points of Difficulty” The Triple Entry Journal allows you to engage with difficult parts of a text in a meaningful way. Rather than avoid the difficulty by skimming over it‚ use this chart to confront the difficulty. Read a passage carefully and determine exactly what is confusing or ambiguous to you. Identifying the difficulty is the first step in resolving it. Since the difficult parts of a passage are often the most significant‚ understanding them leads to a deeper comprehension
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Communications Journal Entry 1 Write a 700- to 1‚050-word journal entry in the narrative style. Refer to this week’s readings to inform your responses. Describe the flow of information in your company. In your journal‚ discuss the following: The intrapersonal‚ interpersonal‚ group‚ organizational‚ and intercultural levels of communication within your company How information travels up‚ down‚ and across your organization and how it relates to the basic communications model The functions of the
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Financial Statements Accounting is a function by which users can understand the internal financial workings of a company. Use of public accounting dates as far back as the late nineteenth century (Hendrickson‚ 2007) and continues today under the set guidelines that accounting professionals refer to as generally accepted accounting principles. These principles are set in the United States by the Financial Accounting Standards Board and the Securities and Exchange Commission (Weygandt‚ p. 9‚ 2008)
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