About This Chapter
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- Identify which concepts are covered on your financial statements in accounting homework.
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Topics from your homework you'll be able to complete:
- Balance sheet
- Income statement
- Statement of cash flows
- External audits of financial statements
- The fundamental principles of accounting
1. What Are Financial Statements? - Definition, Purpose & Importance
Financial statements are big players in the world of accounting. In this lesson, you will be introduced to each of the financial statements. You will also learn what their role is in the accounting industry, who they are important to and why they are important.
2. The Balance Sheet: Purpose, Components & Format
There are four financial reports that make up a group known as the financial statements. We will take a walk with one of those reports - the balance sheet - and learn what it is, what items are included on it and what its role in the group is.
3. What Is an Income Statement? - Purpose, Components & Format
There are four financial reports that are created during the accounting cycle. These four reports make up what is commonly known as the financial statements. In this lesson, we will focus our attention on the income statement. We will learn what the income statement is, what its role in the financial statements is and why it is important in accounting.
4. The Statement of Cash Flows: Purpose, Format & Examples
There are four financial reports that are required in financial statements. In this lesson, you will learn about the fourth and final report - the statement of cash flows. You'll learn what the makeup of the statement is, its purpose, and why it is important to users of the financial statements.
5. The Purpose of Notes on Financial Statements
Financial statements are very important in accounting and finance. In this lesson, you will learn about notes to the financial statements, what information they may give, and why they are important to financial statement users.
6. Preparing the Basic Income Statement and Statement of Retained Earnings
Preparing financial statements can be tricky. In this lesson, we are going to talk about how to prepare the first two basic financial statements: the income statement and the statement of retained earnings.
7. How to Prepare the Basic Balance Sheet and Statement of Cash Flows
There are four reports that make up the financial statements. In this lesson, we will talk about how to create the balance sheet and the statement of cash flows. You will learn how to format the reports, as well as what information is reported on them.
8. External Audits of Financial Statements
Financial statements are one of the most heavily relied upon group of reports in the business world, and they must be accurate and reliable. In this lesson, you'll learn about financial statement audits, who performs them, and why they are important.
9. The Fundamental Principles of Accounting
Accounting is an art, but just as with any form of art, you need the right tools to make your masterpiece. For accounting, those tools are the seven major accounting principles. In this lesson, you will learn what those principles are and what they are used for.
10. Cost of Goods Sold on an Income Statement: Definition & Formula
Just because you earn revenue doesn't mean you've made a profit. In this lesson, you'll learn about cost of goods sold, including where it fits on an income statement and how to calculate it. A short quiz follows the lesson.
11. Quantity Demanded: Definition & Factors
Three factor affect the quantity demanded of a product: appeal, availability, and price. This lesson discusses those factors in greater detail as well as how to determine the quantity demanded.
12. Quantity Discount: Formula & Example
Quantity discounts are used to sell items in bulk. The discount incites people to buy the number of products that corresponds to amount of product that costs the least to make.
13. Quantity Supplied of a Good: Definition & Overview
Many economic issues revolve around supply, demand and price. In this lesson, you'll learn about supply and related concepts. You'll also have a chance to reinforce your knowledge with a short quiz after the lesson.
14. Quick Ratio in Accounting: Definition, Formula & Example
This lesson explains what a quick ratio is in accounting. The quick ratio formula is outlined and examples of how a quick ratio can be used are given.
15. Shareholder Equity: Definition & Formula
One of most important things an investor is concerned about is shareholder equity. In this lesson, you'll learn what shareholder equity is and how to calculate it, and then you can test your knowledge with a short quiz.
16. Total Liabilities: Definition & Explanation
Liabilities will often determine whether a business earns a profit or suffers a loss. In this lesson, you'll learn what constitutes total liabilities in business and how to calculate it.
17. What Are Assets? - Definition & Examples
In this lesson, you will learn about assets, the first variable of the basic accounting equation. We will discuss the definition, categories, and classifications of assets.
18. What Is Financial Data? - Definition & Concept
Financial data provides the fundamental building blocks for sound business analysis. In this lesson, you'll learn about some of the primary types of financial data used by managers, investors, and regulators in analyzing a company. A short quiz follows the lesson.
19. What Is Financial Reporting? - Purpose, Statement Examples & Analysis
Financial reporting is a vital part of corporate governance. In this lesson, you'll learn what financial reporting is, its primary components, its purpose, and be provided with some examples. A short quiz follows the lesson.
20. Earnings Yield: Definition, Formula & Calculation
In this lesson, you will learn how to calculate earnings yield. You will then go through an example of the calculation, and then use the new knowledge to help your grandmother choose between two investment options.
21. Held-to-Maturity Securities
In this lesson, you'll learn to recognize held-to-maturity (HTM) securities and their proper accounting methods. We'll also explain the difference between HTM securities and other types of investments as they relate to accounting.
22. How to Choose a Financial Advisor
In this lesson, we will define what a financial advisor is as well as addressing the best methods to be used in selecting the best financial advisor for your specific situation.
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Other chapters within the Financial Accounting: Homework Help Resource course
- Introduction to Accounting: Homework Help
- Mechanics of the Accounting Cycle: Homework Help
- Adjusting Accounts: Homework Help
- Internal Controls in Accounting: Homework Help
- Inventory and Merchandising Operations in Accounting: Homework Help
- Current and Long-Term Liabilities in Accounting: Homework Help