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Accounting Test Time: Financial Statement 2 Video Lecture - Commerce
FAQs on Accounting Test Time: Financial Statement 2 Video Lecture - Commerce
| 1. What are the main financial statements in accounting? |  |
Ans. The main financial statements in accounting are the income statement, balance sheet, statement of cash flows, and statement of retained earnings. These statements provide information about a company's financial performance, position, and cash flow.
| 2. How is the income statement different from the balance sheet? | |
Ans. The income statement shows a company's revenue, expenses, and net income or loss over a specific period, such as a month, quarter, or year. On the other hand, the balance sheet provides a snapshot of a company's assets, liabilities, and shareholders' equity at a specific point in time.
| 3. What is the purpose of the statement of cash flows? | |
Ans. The statement of cash flows provides information about a company's cash inflows and outflows during a specific period. It helps users understand the sources and uses of cash, including operating activities (e.g., cash from sales), investing activities (e.g., cash from buying or selling assets), and financing activities (e.g., cash from borrowing or repaying debt).
| 4. How can financial statements be used for financial analysis? | |
Ans. Financial statements are essential tools for financial analysis. They can be used to assess a company's profitability, liquidity, solvency, and efficiency. By analyzing key ratios and trends derived from the financial statements, stakeholders can make informed decisions regarding investments, lending, and other financial matters.
| 5. What is the importance of the statement of retained earnings? | |
Ans. The statement of retained earnings shows the changes in a company's retained earnings account over a specific period. It helps users understand how profits or losses, dividends, and other adjustments affect the company's accumulated earnings. This statement is crucial for determining the amount of earnings that are reinvested in the company rather than distributed to shareholders.
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Dec 24, 2024 Last updated |
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