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Chapter 7- Preparing, Analyzing, and Forecasting Financial Statements: Quantifyi

Balance Sheet -Presents a company's financial position at the end of a specified date. - Snapshot of the company's financial position at a point (a moment or an instant) in time. - see what a company owns as well as what it owes to other parties
Income Statement is a key financial statement which reports on a company's profitability during a relatively short period of time such as the past year, month, 13 weeks, etc. The heading of the income statement informs the reader of the period covered
Cash Flow Statement reports the cash generated and used during the interval specified in its heading
Product cost cost of making the product
period cost -selling expenses -general and administrative expenses
asset = liabilities + equity basic accounting equation
assets are resources that an entity owns in order to derive some future benefits
liabilities are one of the claims of external parties from the entity
equity reflect the residual claims or net assets of the owners of an entity
financial statement analysis is the process of analyzing a company's financial statements for decision-making purposes and to understand the overall health of an organization.
Horizontal analysis -Also known as trend analysis -Technique that involves the comparison of a line item (account) over a number of periods -Used for projecting financial statements
vertical analysis -Is the preparation of common-size financial statements
balance sheet analysis -is presented according to their relative liquidity or convertibility to CASH
objectives of fund flow statement analysis: -pinpoints the mobilization and utilization of resources -highlights the financing of the general expansion -exemplifies the utilization of debt finance -portrays the relationship between the financing, investment, liquidity and dividend
Sales or Net Sales For the statement of profit/loss, the base amount used is _____
Total Asset For the statement of financial position, the base amount used is ____
Created by: yuniskie
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