Int. Accounting (Ch.3) Financial Statement Questions
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Order of financial statements. (ISSBS)
- 1. Income statement
- 2. Statement of Comprehensive Income
- 3. Statement of Retained Earnings
- 4. Balance Sheet
- 5. Statement of Cash Flows
Formula for income statement.
Revenues/Gains - Expenses/Losses
The income statement is also known as the...
Statement of Operations
The statement of retained earnings is also known as the...
statement of owner's equity
Formula for Statement of RE.
- Beg. Balance
- + NI
- - Dividends
- End Balance
Financial statement that is "a snapshot of a company's financial position at a moment in time."
Obligations owed by the company.
Resources that are owned by the company.
Financial statement that reflects the amounts and uses of cash inflows and outflows.
Statement of Cash Flows
3 categories of activities included in the statement of cash flows. (OIF)
- 1. Operating
- 2. Investing
- 3. Financing
Which activity on the statement of cash flows does a company want to be the largest? (O, I, or F?)
What would you like to do?
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