Accounting, financial reports and business decisions
Not what you're looking for?
Write a response to the following: You have been hired into a new company to oversee the accounting department. What type of financial reports would you expect to see in your department? How will you use the financial reports available to you to make business decisions?
Purchase this Solution
Solution Summary
This solution helps answer questions relating to accounting, financial reports and business decisions.
Solution Preview
Financial statements (or financial reports) are formal records of the financial activities of a business, person, or other entity.
Financial statements provide an overview of a business or person's financial condition in both short and long term. All the relevant financial information of a business enterprise, presented in a structured manner and in a form easy to understand are called the financial statements. There are four basic financial statements:
1. Balance sheet: also referred to as statement of financial position or condition, reports on a company's assets, liabilities, and Ownership equity at a given point in time.
2. Income statement: also referred to as Profit and Loss statement (or a "P&L"), reports on a company's income, expenses, and profits over a period. Profit & Loss account provide information on the operation of the enterprise. These include sale and the various expenses incurred during the processing state.
3. Statement of retained earnings: explains the changes in a company's ...
Purchase this Solution
Free BrainMass Quizzes
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.
Motivation
This tests some key elements of major motivation theories.
Transformational Leadership
This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.
Basics of corporate finance
These questions will test you on your knowledge of finance.
Production and cost theory
Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.