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  • The four financial statements required by GAAP, (“Generally Accepted Accounting Principles”),

  • are the Balance Sheet, the Income Statement, the Statement of Cash Flow, and the Statement

  • of Owner’s Equity.

  • The Balance Sheet, sometimes referred to as the Statement of Financial Position, provides

  • the users of financial statements a snapshot of the company’s financial position as of

  • a specific date in time.  

  • The balance sheet shows the general categories of accounts: Assets, Liabilities, and Equity.

  •  

  • These three categories constitute what is known asThe Accounting Equation”:

  • Which is Assets equals Liabilities plus Owners Equity

  • The Income Statement, or Statement of Operations, or Statement of Profit and Loss, provides

  • the users of financial statements a picture of the income and expenses of the company

  • over a period of time.

  • Typically, the Income statement shows information for a calendar year.

  • Sometimes, the income statement can be for a non-calendar year or a fiscal year basis,

  • which means any twelve month period.

  • The Income Statement is made up of two general types of accounts: Revenues and Expenses.

  •  

  • Net Income is computed by taking the company’s Revenues and subtracting the company’s Expenses

  • for the period.

  • When Expenses are greater than Revenues, then there is said to be a Net Loss.

  • For GAAP purposes, the Income Statement is prepared using the Accrual method of accounting

  • under most circumstances.  

  • The Statement of Cash Flows provides the users of financial statements a reconciliation of

  • the company’s beginning and ending cash.  

  • Any cash that comes into the business is referred to as Cash Inflows.

  • Any cash that goes out of the business is referred to as Cash Outflows.

  • The cash inflows and outflows are shown separately for each of the three business activities,

  • namely, Operating Activities, Investing Activities, and Financing Activities.

  • The Statement of Owners Equity provides the users of financial statements a reconciliation

  • of the company’s beginning and ending equity accounts.  

  • This statement can have different formats, depending on the type of legal entity.

  • When a Statement of Owner’s Equity is presented for a corporation, the statement might show

  • increases for Net Income and Stock Issuance, and for decreases, the statement might show

  • Net loss, Dividends and Stock Buy-Backs.

  • These four statements make up the Financial Statements required by GAAP.

  • For more detailed explanations of these Financial Statements, and the different presentations

  • and calculations that are used, visit the AccountingWITT Channel or AcccountingWITT.com.

The four financial statements required by GAAP, (“Generally Accepted Accounting Principles”),

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B1 中級

財務諸表-入門編 (Financial Statements - An Introduction)

  • 62 7
    陳虹如 に公開 2021 年 01 月 14 日
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