FIN 486 Week 1 JJ's Jammers Assignment.doc - 1 JJ’s Jammers Assignment FIN 486 May 8 2017 2 JJ’s Jammers Assignment The balance sheet is a snapshot

FIN 486 Week 1 JJ's Jammers Assignment.doc - 1 JJ’s...

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1 JJ’s Jammers Assignment FIN / 486 May 8, 2017
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2 JJ’s Jammers Assignment The balance sheet is a snapshot of business. It indicates the condition of a business at a particular point in time. It includes information on assets, liabilities, and equity and hence a good indicator of a company`s health (Lan, 2017). The balance sheet lasts until the business is closed. It is a permanent statement. Income statement provides information about earnings of business over a particular period. Income Statement expires after one period, and a new income statement is prepared for a new era. Cash flow statement provides information about actual cash movements. As accounting is mostly accrual basis, it does not reflect the actual cash changes. Statement of cash flows is vital for finance people as they rely on money rather than accounting figures to take decisions (Lan, 2017). Financial Statement Three parts of a financial statement are the Income Statement, the Balance Sheet, and the Cash Flow Statement. The income statement reports how much revenue the company generated
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