Fundamental of Accountancy 2 week 1

These are used by investors, market analysts, and creditors to evaluate a company's financial health and earnings.

• Statement of Financial Position

• Financial Statements

• Balance Sheet

• Cash flows

Also called as Balance Sheet.

• Statement of Financial Position

• Financial Statements

• Statement of Balance

• Statement of Income

This is what the business owns.

• Assets

• Liablities

• Loans

• Owner's Equity

This is what the business owes.

• Assets

• Liabilities

• Loans

• Owner's Equity

What is NOT part of FS headings.

• Name of the business

• Title of Report

• Total Assets

• Date of the report

Two types of Financial Statement Account:

• General and Journal Form

• Report and Account Form

• Statement of Cash flow and Income Statement

It is intended for sale or consumption within the entity’s normal operating cycle.

• Non-current liabilities

• Current liabilities

• Non-current Assets

• Current Assets

Also known as the "Long-term Assets"

• Non-current Assets

• Current Assets

• Non-current liabilities

• Current Liabilities

A liability expected to be settled in the entity’s normal operating cycle.

• Non-current Assets

• Current Assets

• Non-current Liabilities

• Current Liabilities

Refers to the financial obligations of a company that are not expected to be settled within one year.

• Non-current Assets

• Current Assets

• Non-Current Liabilities

• Current Liabilities