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…An Accounting Overview for Non-Accountants

...There are four basic financial statements. Balance sheet; shows assets owned by the company and its liabilities (items owed to others). Income statement-list of revenues less expenses, to arrive at net income. Cash flow statement-a detailed cash activity report and finally, the statement of retained earnings; it shows changes in retained earnings. Net income increases retained earnings and net loss decreases it. Now that you know what accounting is,

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0 Comment(s) / February 14, 2017

…US and International Financial Regulations

...Information has to be easily obtainable in a timely manner. Financial statements have to be prepared for each economic entity. Example can be General Electric. It has to create separate sets of documents for each of its subsidiaries. Going concern is an assumption that business will continue to operate indefinitely. Assets must be reported in their realizable value or historical cost but not higher than that. If a significant loss occurs in the

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0 Comment(s) / January 26, 2017

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