CLASS_9 - Session#9 COMPANY FINANCIALS SHOW ME THE MONEY 1...

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Session #9 COMPANY FINANCIALS SHOW ME THE MONEY 1
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Session #9 ACCOUNTING PROCESS OF COLLECTING, RECORDING, CLASSIFYING, SUMMARIZING, REPORTING AND ANALYZING FINANCIAL ACTIVITIES ACCOUNTING SYSTEMS GENERATE TWO TYPES OD FINANCIAL REPORTS: 1. MANAGERIAL ACCOUNTING REPORTS FOR INTERNAL USE 2. FINANCIAL ACCOUNTING REPORTS FOR EXTERNAL USE 2
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Session #9 ANNUAL REPORT YEARLY DOCUMENT DESCRIBING A COMPANY’S FINANCIAL STATUS AND DESCRIPTION OF PREVIOUS YEAR’S ACTIVITY WITH PROSPECTS FOR THE FUTURE CONSISTS OF THREE FINANCIAL STATEMENTS 1. BALANCE SHEET 2. INCOME STATEMENT 3. STATEMENT OF CASH FLOWS 3
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Session #9 BALANCE SHEET A FINANCIAL STATEMENT THAT SUMMARIZES A COMPANY’S FINANCIAL POSITION AT A SPECIFIC POINT IN TIME THE ACCOUNTING EQUATION IS: ASSETS = LIABILITIES + OWNERS EQUITY ($100,000 = $35,000 + $65,000) OWNERS EQUITY IS ALSO CALLED SHAREHOLDERS EQUITY OR STOCKHOLDERS EQUITY 4
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Session #9 ASSETS ASSETS - EVERYTHING THE COMPANY OWNS CURRENT ASSETS: CAN BE CONVERTED TO CASH WITHIN ONE YEAR
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CLASS_9 - Session#9 COMPANY FINANCIALS SHOW ME THE MONEY 1...

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