23941 - Accounting Basics Rania A. Azmi E-mail:...

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1 Accounting Basics Rania A. Azmi E-mail: rania.a.azmi@gmail.com University of Alexandria, Department of Business Administration
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2 Financial (Accounting) Statements Financial or Accounting statements are used for reporting corporate activity. For Stakeholders
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3 Financial Statements The Balance Sheet The Income Statement Statement of Cash Flows
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4 The Balance Sheet The balance sheet is an accountant’s snapshot of the firm’s accounting value on a particular date, as though the firm stood momentary still. The balance sheet states what the firm owns and how it is financed.
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5 The Balance Sheet (Cont.) Assets Liabilities + Stockholders’ equity
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6 The Balance Sheet (example) Assets 2006 2005 Liabilities (Debt) and Stockholder's Equity 2006 2005 Current Assets: Current Liabilities: Cash and equivalents 140 107 Accounts payable 213 197 Accounts receivable 294 270 Notes payable 50 53 Inventories 269 280 Accrued expenses 223 205 Other 58 50 Total current liabilities 486 455 Total Current Assets 761 707 Long-term liabilities: Fixed Assets: Deferred taxes 117 104 Property, plant, and equipment 1423 1274 Long-term debt 471 458 Less accumulated depreciation (550) (460)
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This note was uploaded on 11/15/2011 for the course ACCOUNTS 231 taught by Professor Majidkhan during the Winter '11 term at IIPM.

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23941 - Accounting Basics Rania A. Azmi E-mail:...

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