Accounting 2020 4.04 Financial Statements

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

• Bookeeper

• Profit

• Revenue

• Expenses

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

• Bookeeper

• Profit

• Revenue

• Expenses

The amount a company owes to suppliers for goods and services purchased with credit.

• Current Assets

• Account Receivable

• Current Liabilities

• Account Payable

A firm’s financial obligations to short-term creditors, which must be repaid within one year.

• Current Assets

• Current Liabilities

• Accounts Receivable

• Accounts Payable

The business determine its Financial Performance by preparing

• Ledger Accounts

• Trial Balance

• Income Statement

• Balance Sheet

The Income statement is used to calculate

• Gross profit/Loss

• Total Profit/Loss

• Net profit/Loss

• All of the Above

Another name for the statement of Financial Position.

• Balance Sheet

• Income Statement

• Pofit and Loss Statement

Assets and liabilities are two lines of:

• the income statement.

• the balance statement.

• the cash flow statement.

• the inventory turnover report

An element of the income statement that informs the business of just how much money it is making

• Net income

• Creditors

• Revenue

• Income Statement

This summarizes where a business’s money came from and where it went

• Operating Statement

• Stockholders

• Income Statement

• Industry Standards