Financial Statements

Responsible for obtaining and recording the information that accountants require to analyze a firm’s financial position.

• Bookkeeper

• Revenue

• Profit

• Expenses

The total amount of money received from the sale of goods or services.

• Bookkeeper

• Revenue

• Profit

• Expenses

The difference between what it costs to make and sell a product and what a customer pays for it.

• Bookkeeper

• Revenue

• Profit

• Expenses

The costs incurred in the day-to-day operations of an organization.

• Bookkeeper

• Revenue

• Profit

• Expenses

A financial report that shows an organization’s profitability over a period of time – month, quarter, or year.

• Income Statement

• Costs of Goods Sold

• Balance Sheet

• Statement of Cash Flows

The amount of money a firm spent to buy or produce the products it sold during the period to which the income statement applies.

• Income Statement

• Costs of Goods Sold

• Balance Sheet

• Statement of Cash Flows

A “snapshot” of an organization’s financial position at a given time.

• Income Statement

• Costs of Goods Sold

• Balance Sheet

• Statement of Cash Flows

Explains how the company’s cash changed from the beginning of the accounting period to the end.

• Income Statement

• Costs of Goods Sold

• Balance Sheet

• Statement of Cash Flows

Assets that are used or converted into cash within the course of a calendar year.

• Current Assets

• Accounts Receivable

• Current Liabilities

• Accounts Payable

Money owed to a company by its clients or customers who have promised to pay for products at a later date.

• Current Assets

• Accounts Receivable

• Current Liabilities

• Accounts Payable