Financial Statements - FINANCIAL STATEMENTS Financial...

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FINANCIAL STATEMENTS 1 Financial Statements Luis D. Maymí Romero University of Phoenix ACC/280 Prof. Manfredo H. Rodríguez 18:37:38
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Financial Statements Accounting is the systematic recognition, classification and presentation of financial information to assist in decision making. Keeping track of transactions and recording revenue and expenses are important business processes often assigned to an accounting department or a financial manager. Accounting is a business discipline that allows companies to record analyze and retrieve critical financial information that can be used to determine a company's financial status and provide reports and insights needed to make sound financial decisions. 1. Balance sheet : Are a condensed statement that will provide the financial position of any entity on a specified date. Usually the last day of an accounting period will be the date from which the information will be entered. Other information provided, a. What assets the entity owns b. How it paid for them c. What it owes (its liabilities ) d. What is the amount left after satisfying the liabilities. Balance sheet data is based on a fundamental accounting equation (assets = liabilities + owners' equity), and is classified under sub-headings such as current assets, fixed assets, current
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This note was uploaded on 07/06/2011 for the course MARKETING 101 taught by Professor Sierra during the Spring '11 term at University of Phoenix.

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Financial Statements - FINANCIAL STATEMENTS Financial...

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