ch1_sp11 - BCOR 2000 Chapter 1 Financial Statements and...

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BCOR 2000 – Chapter 1 Financial Statements and Business Decisions Financial Statements and Business Decisions
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Players in Business Owners / Investors Creditors Managers Customers Suppliers Employees
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External and Internal Users of Acctg Info Accounting System Financial Accounting System Periodic financial statements and related disclosures Managerial Accounting System Detailed plans and continuous performance reports External Decision Makers Investors, creditors, suppliers, customers, etc. Internal Decision Makers Managers throughout the organization
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1. Balance Sheet (aka Statement of Financial Position) 2. Income Statement (aka Statement of Earnings or Operations) 3. Statement of Retained Earnings (alternatively Statement of Stockholders’ Equity) 4. Statement of Cash Flows Four Basic Financial Statements
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Balance Sheet Expressed at a point in time Elements are: Assets – listed in order of liquidity Liabilities – typically in order of maturity
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ch1_sp11 - BCOR 2000 Chapter 1 Financial Statements and...

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