Financial Statement Basics

Financial Statement Basics - FinancialStatementBasics

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Financial Statement Basics Going beyond page 520 of your text
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Learning Objectives By the end of this unit, participants should be able to: Differentiate between a balance sheet and an income statement Describe how common organizational transactions impact financial statements Briefly describe three different approaches organizations might use to finance their operations Calculate core financial ratios used to assess changes in organizational financial position
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Financial Statements Income Statement Captures period based transactions that influence the generation of profit (or loss) Balance Sheet Captures changes in the long run financial position of the organization at given point in time Based on double-entry accounting Reviewing both can provide an understanding of an organizations financial position.
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Income Statement The income statement is also referred to as the profit and loss statement, statement of income, and the statement of operations. The income statement
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Financial Statement Basics - FinancialStatementBasics

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