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…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

…Understanding the Balance Sheet

...Liabilities are also divided in to two parts. Current and long term; current liabilities are the obligations that mature within a year, and long term ones mature after one year. Owner's equity can be created from two sources: owner's investment and the retained earnings that is affected by a profit or a loss that company makes as a result of business operations. Transactions that affect the balance sheet can be summarized as follows: if a company

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0 Comment(s) / January 16, 2017

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