Here is the synopsis of our sample research paper on Financial Statements. Have the paper e-mailed to you 24/7/365.
Essay / Research Paper Abstract
A 5 page paper that discusses the four typical types of financial statements public companies must construct and submit. How these statements are used is also discussed. Finally, the regulations that require these statements are reported. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: MM12_PGfnst.rtf
Buy This Term Paper »
Unformatted sample text from the term paper:
more information on using this paper properly! Financial statements present summaries of the fiscal data about any organization. The statements are used by a variety of persons, including management,
labor, investors, creditors and government regulatory agencies. Financial statements are constructed for all public companies but they may also be constructed for non-profit organizations, service industries, retailers, wholesalers and even
individuals. The type of business dictates the type of financial statements that are created, including the kind of data that are included (Best, 2001). Public companies are
required by a variety of regulations to submit annual financial statements that include very specific data (Best, 2001). There are four major types of financial statements: * Balance
Sheet - statement of financial position at a given point in time. The accounting model for this statement is: Assets = Liabilities + Equity. Assets are
classified as current or fixed. Current assets are those that can be converted to cash quickly, such as accounts receivable and inventory. Fixed assets cannot be converted so easily,
such as building and equipment. Liabilities refers to what the company owes others, such as loans and wages. Equity refers to stockholders equity, owners equity, if a sole proprietorship or
a partnership. Equity owners have a claim against the company. * Income Statement - The income statement presents the results of the entitys operations during a period of time, such
as one year. The simplest equation to describe income is: Net Income = Revenue - Expenses. Revenue refers to inflows from selling products or services. Expenses
are outflows incurred to produce revenue. * Statement of Owners Equity - also known as Statement of Retained Earnings or Equity Statement. The formula to calculate owners equity is different
...