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Presentation transcript:

Part 4 Chapter 3

Financial Statement THINGS TO REMEMBER ACCOUNTING ENTITY – Identify what organization you’re talking about Simple Complex ACCOUNTING PERIOD  length of time of the financial statement Month, quarter, year Fiscal year Oct-sept Jan – Dec August – July

FS, cont. MONETARY UNIT  USD FULL DISCLOSURE  Good and bad Know how to analyze units 150,118 in thousands

BASIC FINANCIAL STATEMENTS BALANCE SHEET Snapshot of financial condition at a given time STATEMENT OF OPERATION (AKA INCOME STATEMENT ) Summarizes revenues and expenses for a given time period STATEMENT OF CASH FLOW Summary of assets and liabilities that caused a change in the main cash balances

HOW DO WE EVALUATE FINANCIAL STATEMENTS? Changes in period Externalities (internal/external) Financial statement analysis Comparison to some common vantage point Look at standards of other entities