Financial Statement Overview

Financial Statement Overview - Volume of information The 2...

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Volume of information The 2 authorities in charge of establishing GAAP are the SEC and the  Financial  Accounting Standards Board (FASB). The SEC requires regular fillings of  Annual Reports (10-K) Quarterly Reports (10-Q) Or other important events The Financial Statements 1. Balance Sheet or Statement of Financial Position:  shows assets, liabilities,  and stockholder’s equity on a particular date, such as the end of the quarter 2. Income or Earnings statement:  Presents the results of operations –  revenues, expenses, net profit or loss, etc for the accounting period. 3. Statement of stockholder’s equity : reconciles the beginning and ending of  balances of all accounts that appear in the stockholder’s equity sections of the  balance sheet.  4. Statement of cash flows:  provides information about the cash inflows and  outflows from operating, financing, and investing activities during an  accounting period. 
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Financial Statement Overview - Volume of information The 2...

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