Copyright

Ch 30: CEOE Business Education: Financial Statements

About This Chapter

Use our lessons to re-learn the components of financial statements and refresh your knowledge of how to prepare them as you get ready for the CEOE Business Education exam.

CEOE Business Education: Financial Statements - Chapter Summary

In these short and entertaining video lessons, our professional instructors help you review all the essentials of financial statements - from the purpose of each to the preparation methods. You'll easily be ready to answer questions on the CEOE Business Education exam about:

  • Importance of financial statements
  • Balance sheet formats
  • Components of the income statement
  • Purposes for the statement of cash flows and notes on financial statements
  • Preparation methods for the basic income statement and statement of retained earnings
  • Balance sheet and statement of cash flows preparation basics
  • External audits of financial statements
  • Basic principles of accounting

Instructors guide you through each lesson, offering step-by-step instructions for preparation methods and breaking down larger concepts into easily digestible chunks that help you retain key info for the exam. At the end of each lesson, you can take a quiz to check that you understand each concept and to get you familiar with the format of questions you'll find on the exam.

Objectives of the CEOE Business Education: Financial Statements Chapter

To become licensed as a business teacher in Oklahoma, you'll need to pass the CEOE Business Education exam. It tests your knowledge of five fundamental areas of business: management, marketing, finance and economics, accounting and info systems. About 17% of the exam focuses on accounting, which includes questions on financial statements. Questions in this section are all multiple choice.

9 Lessons in Chapter 30: CEOE Business Education: Financial Statements
Test your knowledge with a 30-question chapter practice test
What Are Financial Statements? - Definition, Purpose & Importance

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.

The Balance Sheet: Purpose, Components & Format

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.

What Is an Income Statement? - Purpose, Components & Format

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.

The Statement of Cash Flows: Purpose, Format & Examples

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.

The Purpose of Notes on 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.

Preparing the Basic Income Statement and Statement of Retained Earnings

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.

How to Prepare the Basic Balance Sheet and Statement of Cash Flows

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.

External Audits of Financial Statements

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.

The Fundamental Principles of Accounting

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

Earning College Credit

Did you know… We have over 160 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Other Chapters

Other chapters within the OSAT Business Education (CEOE) (040): Practice & Study Guide course

Support