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Differentation of Financial Statements

In: Business and Management

Submitted By anrembert
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Differentiation of Financial Statements
ACC 561 Accounting
June 17, 2012

Differentiation of Financial Statements Financial statements provide a snapshot of a company. These statements are used to make financial decisions concerning company operations, acquiring business credit, and investment choices. Commonly reviewed statements include balance sheet, income statement, statement of cash flows, and retained earnings statement. Each statement provides unique information used for financial decision making.
Balance Sheet The balance sheet describes a business on a specific date and has three sections: assets, liabilities, and the owner’s equity. Assets are resources held by the company. Cash is the first asset listed. Assets quickly converted to cash are listed next and permanent assets, such as land are listed last. Liabilities are the company’s debts such as accounts payable and salaries payable. Liabilities are listed in the order that they are repaid. Owner’s equity is the owner’s claims on the assets of the business and has two sections: capital stock and retained earnings. The total assets must equal the sum of all the liabilities and owner’s equity.
Income Statement The income statement is a lists a company’s revenues and expenses for a period of time. Revenue is an increase in the company’s assets through its profit-making activities that increase positive cash flow. Expenses are decreases in the company’s assets through its profit-making activities that result in negative cash flow. Net income results if total revenue minus total expenses is a positive number. If the difference is a negative number, it is a net loss.
Statement of Cash Flows This statement list the company’s cash flow under three types of activities: operating, investing, and financing. Operating activities are the cash flow because of revenue and expense

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