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A financial statement that reports on all of a company's assets, liabilities, and equity.
The difference between revenue and expenses when expenses are greater than revenue; decreases owners equity. Indicates the overall networks of the business. Owners withdrawals from the business. Study with Quizlet and memorise flashcards containing terms like Accounts Receivable, Accounts Payable, Assets and others.
revenue. sales. securities and exchange commission (SEC) service business. statement of cash flows. statement of owner equity. unit of measure concept. Study with Quizlet and memorize flashcards containing terms like Account Form, Account Payable, Account Receivable and more.
- Accounts Payable. Accounts Payable refers to the money a company owes to its creditors or suppliers for goods and services purchased on credit. It represents a liability on the company's balance sheet until payment.
- Balance Sheet. The Balance Sheet is a financial statement that provides a snapshot of a company's financial position at a specific time. It presents the company's assets, liabilities, and shareholders' equity, enabling stakeholders to assess its financial health.
- Cash Flow. Cash Flow represents the movement of cash into and out of business over a specific period. It provides insights into a company's ability to generate cash and meet its financial obligations.
- Depreciation. Depreciation is the systematic allocation of the cost of a tangible asset over its useful life. It reflects the asset's value decrease due to wear and tear, obsolescence, or other factors.
It consists of three main components: assets, liabilities, and equity. Assets: These are items of value owned by the company. They can be tangible, such as inventory and property, or intangible, such as patents and goodwill. Liabilities: These are obligations the company owes to others, such as suppliers, banks, or employees.
statement of cash flows. statement of comprehensive income. statement of financial accounting standards. statement of financial position. statement of functional expenses. statement of income. statement of operations. statement of retained earnings. statement of stockholders' equity.
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May 12, 2023 · Accountancy is the practice of recording and analyzing financial data, while accounting is the process of using that data to make business decisions. Accountants create financial statements, manage assets and liabilities, produce company performance reports, and monitor internal controls.
