Four Types of Financial Statements:

Four Types of Financial Statements: - ACCOUNTING 211...

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ACCOUNTING 211 Tuesday January 12th 1999 Announcements: Syllabus is in packet available at SBS. See TA Mike for exam conflicts. Bring book to class on Thursday. Lecture notes: Financial Accounting I) Objective: to provide information to users outside of the particular organization. This information is in the form of financial statements. II) Four Types of Financial Statements: A) Income Statement: a profitability statement prepared to represent a period of time which tells how much money the business made. B) Balance Sheet: a listing of assets liabilities and stockholders equity at one point in time. 1) Assets (A): the resources a firm has control of. 2) Liabilities (L): debt (money borrowed or owed). 3) Stockholder's Equity (SE): a) contributed capital: capital/assets given by the owners their investment in the organization b) retained earnings: accumulative profits of the organization C) Statement of Retained Earnings: it is required but we will discuss this in a later class.
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