![]() |
Accounting Study Guide |
|
| CPAClass.com | GAAP | Study |
Financial Statements
| Components of Financial Statements |
| Financial Statements |
|
"Recognition and Measurement in Financial Statements of Business Enterprises" Issued in December 1984. |
| Full set of financial statements |
A full set of financial statements for a period should show: |
| Comprehensive Inome |
|
Comprehensive income --> includes all recognized changes in net assets --> except the investments by owners and distributions to owners. |
| Primary Financial Statements |
--> Reports the financial position at the end of the period. --> Reports the results of operations for the period. --> Reports cash inflows and outflows during the period. --> Reports the changes in stockholders' equity during the period. |
| Components of Balance Sheet |
--> Represents future economic benefits. --> Represents future economic sacrifices. --> Represents the residual portion of the assets after subtracting liabilities. (Stockholders' Equity = Assets - Liabilities) |
|
Assets = Liabilities + Stockholders' Equity Examples of Asset Accounts Examples of Liability Accounts Examples of Stockholders' Equity Accounts |
| Components of Income Statement |
| Examples of Revenue and Gain Accounts Examples of Expense and Loss Accounts |
| Components of the Statement of Cash Flows |
| Examples of Cash Flows from Operating Activities Section Examples of Cash Flows from Investing Activities Section Examples of Cash Flows from Financing Activities Section |
| Components of the Statement of Stockholders' Equity |
| |
|
|
| Copyright
©
1999-2007 by AccountingStudy.com.SM
All Rights Reserved. All trademarks are properties of their respective companies. |
|
|