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  • CH 2: Financial Statements - Part 1 Notes

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    Chit Comiso
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    The document discusses the three primary financial statements - the balance sheet, income statement, and statement of cash flows. It asks questions about the purpose of each statement, the accounting equation of Assets = Liabilities + Owner's Equity that the balance sheet and income statement are based on, how different transactions affect the equation, and examples of assets, liabilities, and owner's equity. It is a study guide for a financial accounting class asking questions about the key components of financial statements.

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    The document discusses the three primary financial statements - the balance sheet, income statement, and statement of cash flows. It asks questions about the purpose of each statement, the accounting equation of Assets = Liabilities + Owner's Equity that the balance sheet and income statement are based on, how different transactions affect the equation, and examples of assets, liabilities, and owner's equity. It is a study guide for a financial accounting class asking questions about the key components of financial statements.

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    © All Rights Reserved
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    11 Ansichten1 Seite

    CH 2: Financial Statements - Part 1 Notes

    Hochgeladen von

    Chit Comiso
    The document discusses the three primary financial statements - the balance sheet, income statement, and statement of cash flows. It asks questions about the purpose of each statement, the accounting equation of Assets = Liabilities + Owner's Equity that the balance sheet and income statement are based on, how different transactions affect the equation, and examples of assets, liabilities, and owner's equity. It is a study guide for a financial accounting class asking questions about the key components of financial statements.

    Copyright:

    © All Rights Reserved
    Als DOCX, PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    von 1

    Financial Accounting I Name______________________

    Ch 2: Financial Statements – Part 1 Notes


    1. What is the purpose of each of the three primary Financial Statements? What is the
    formula used to complete the B.S. and I.S.?

    a. Balance Sheet (and formula)

    b. Income Statement (and formula)

    c. Statement of Cash Flows

    2. Which statement is the official starting point for a new business? Explain.

    3. What is an “Asset?” Give several examples of assets.

    4. What are “Liabilities?” Give several examples of liabilities.

    5. What is “Owner’s or Stockholder’s Equity?”

    6. What is the “Accounting Equation?” (a.k.a. as Balance Sheet equation)

    7. How does the “Accounting Equation” remain “in balance?”

    8. Provide examples of transactions that affect only the left side of the equation.

    9. Provide examples of transactions that affect only both sides of the equation.

    10. Provide examples of transactions that affect only the right side of the equation.

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