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Financial Statements


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Financial Statements
  
Statement of Financial Accounting Concepts (SFAC) No. 5
       "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:

       Financial position at the end of the period
       Earnings (net income) for the period
       Comprehensive income (total nonowner changes in equity) for the period
       Cash flows during the period
       Investments by and distributions to owners during the period
 
 
Comprehensive Inome

   Comprehensive income
 
          --> includes all recognized changes in net assets
          --> except the investments by owners and distributions to owners.
 

Primary Financial Statements

  
Balance Sheet
           --> Reports the financial position at the end of the period.

  
Income Statement
           --> Reports the results of operations for the period.

  
Statement of Cash Flows
           --> Reports cash inflows and outflows during the period.

  
Statement of Stockholders' Equity
           --> Reports the changes in stockholders' equity during the period.
 
 
Components of Balance Sheet

  
Assets
           --> Represents future economic benefits.

  
Liabilities
           --> Represents future economic sacrifices.

  
Stockholders' Equity
           --> Represents the residual portion of the assets after subtracting liabilities.
                                          (Stockholders' Equity = Assets - Liabilities)
   Accounting Equation
  
         Assets = Liabilities + Stockholders' Equity

    Examples of Asset Accounts
    Examples of Liability Accounts
    Examples of Stockholders' Equity Accounts


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Components of Income Statement
 
  
Revenues
  
Expenses
  
Net Income = Revenues - Expenses

    Examples of Revenue and Gain Accounts
    Examples of Expense and Loss Accounts
 
Components of the Statement of Cash Flows
 
  
Cash Flows from Operating Activities
   Cash Flows from Investing Activities
   Cash Flows from Financing Activities

    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
 
   Common Stock
   Preferred Stock
   Additional Paid-in Capital (Paid-in capital in excess of par value)
   Retained Earnings








 
U.S. GAAP Codification
International Financial Reporting Standards (IFRS)
 
Accounting Topics
Inventory Valuation Methods
Depreciation Methods
Revenue Recognition Principle
Accrual Basis vs. Cash Basis Accounting
Basics of Journal Entries
Ratios for Financial Statement Analysis
Overview of Financial Statements

 








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