Flashcard: Mastering Financial Statements and Balance Sheets — 10 carte

Financial Statements — purpose?

Summarize a company's financial performance and position.

Financial Statements — components?

Balance sheet, income statement, cash flow statement.

Accounting Equation — components?

Assets = Liabilities + Equity.

Balance Sheet — purpose?

Shows company's assets, liabilities, and equity at a point in time.

Balance Sheet — main components?

Assets, liabilities, and owner’s equity.

Assets — classification?

Current and non-current (long-term).

Liabilities — classification?

Current and long-term (due after one year).

Owner's Equity — components?

Common stock and retained earnings.

Balance Sheet Format?

Balance sheet report and account format.

Financial Analysis Tools — example?

Ratios, trend analysis, vertical and horizontal analysis.