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Financial Statements-Misty Charnesky

Financial Statements-Misty Charnesky - Profit and Loss...

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Running head: FINANCIAL STATEMENTS 1 Financial Statements Misty Charnesky XACC280 August 30, 2011 Mark Bull
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FINANCIAL STATEMENTS 2 Financial Statements In the PhxKlips I discovered that when preparing a statement for say a bank for a loan that there is a single step and multistep statement. Each of these is equally usable but the multi- step income statement will show the gross profit and income before taxes whereas the single step does not. The single step only includes the revenue, expenses, and net income because the expenses are subtracted from the revenue to obtain the net income. Another concept I learned was how some of the financial statements can be named differently. For example the Balance Sheet is also called the “Statement of Financial Position/Condition.” The income statement has three other names; Statement of Operations,
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Unformatted text preview: Profit and Loss Statement, and Earnings Statement. This makes sense as the income statement shows the net income or net losses of a company or organization. One particular concept that interested me was the retained earnings. Companies can choose to pay the dividends or retain or hold the amount for the time being. FINANCIAL STATEMENTS 3 References PhxKlips, University of Phoenix. (2006). Financial Statements. Retrieved from https://ecampus.phoenix.edu/secure/aapd/ubam/libraries/Flash/FINstatements.html PhxKlips, University of Phoenix. (2006). Income Statements. Retrieved from https://ecampus.phoenix.edu/secure/aapd/ubam/libraries/flash/IncomeStatement-ss-ms.html...
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