Financial statements, accounting equation
Not what you're looking for?
What are the financial statements? What does each one tell you? Which financial statement is more important? Why? Explain, give details and examples.
What is the accounting equation? What does it tell you? Why does it have to balance? What happens if the equation does not balance? Explain, give details and examples.
Purchase this Solution
Solution Summary
The response addresses the queries posted in 721 Words, APA References.
Solution Preview
Please find the file attached.
As you know, BrainMass is not an assignment-completion service. This response is meant to assist you in tackling your questions and to help you learn the material needed to understand the problems.
Financial Statement
Financial Statement plays a crucial role in the company because it provides assistance in economic decision making and financial decision making. It is defined as the statement of the company's financial information at the particular date. It also termed as the financial accounts. Financial statements present the summary of an organization's status in both the terms i.e. short run and long run. Basically, financial statements flourish the vital data about the financial status, changes in financial position and overall functioning of an enterprise to the number of potential users in doing investment decisions (Van Horne, Wachowicz & Bhaduri, 2008).There are four basic Financial Statements. They include:
? Balance Sheet: - Balance sheet tells the accurate financial position of a business at a particular date.
? Income Statement: - Income Statement is the summary of accounts that directly impact the profits and losses of any business. It presents the summary of net revenues or net ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
Recent Feedback
- "Thank You so much! "
- "Always provide great help, I highly recommend Mr. Sharma over others, thanks again. "
- "great job. I will need another help from you. "
- "first class!"
- "Thank you for your great notes. Will you be willing to help me with one more assignment? "
Purchase this Solution
Free BrainMass Quizzes
Team Development Strategies
This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.
Paradigms and Frameworks of Management Research
This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.
Cost Concepts: Analyzing Costs in Managerial Accounting
This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.
Introduction to Finance
This quiz test introductory finance topics.