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Longitudinal 3 - Unit 4 (Exam 2). Questions with correct answers | latest update | Complete Solution 2024 $7.99   Add to cart
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Longitudinal 3 - Unit 4 (Exam 2). Questions with correct answers | latest update | Complete Solution 2024
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Longitudinal 3 - Unit 4 (Exam 2). Questions with correct answers | latest update | Complete Solution 2024

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  • June 30, 2024
  • 12
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • longitudinal 3 unit 4 exam 2

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Longitudinal 3 - Unit 4 (Exam 2)
Financial reports
financial accounting standards board (FASB)

internal revenue service


periods of time
balance sheet and income statement


balance sheet
statement of financial position, or net worth, of a business at a specific
point in time (e.g., 10/01/2000)

snapshot

a summary of
-the assets of the business
-who owns them (liabilities and equities)


income statement
across a time period (e.g., 10/01/2000 - 9/30/2001)

story

summarizes revenues, expenses, and net income/net profit or loss of a
business across a specific accounting period or range of time

direct look at profitability (bottom line): the ability to produce sufficient
sales (revenues) to cover expenses, pay the current liabilities, and
produce an acceptable return on investment

also called
-statement of profit and loss (P & L), or revenues, and expenses
-statement of operations

, -statement of earnings


fiscal year
accounting period


the basic accounting equation
Assets = Liabilities + Owner's Equity
OR
Owners' equity = Assets - Liabilities


what is owners' equity also called
net worth


balance sheet components (in order)
assets
-current assets, fixed assets, other assets

liabilities
-current and accrued liabilities
-long term liabilities

owners' equity (net worth or capital)


assets
economic resources used to yield future benefits

listed in decreasing order of liquidity (how quickly things can be
converted to cash - most liquid of assets)


current (liquid) assets

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