About This Chapter
MTTC: Financial Statements - Chapter Summary
Complete this chapter to prepare for questions on the Michigan Test for Teacher Certification (MTTC) Business, Management, Marketing and Technology about different financial statements and their purposes. In this chapter, watch professional instructors of a series of short engaging lesson videos as they discuss balance sheets, income statements and more. You could develop a firm understanding of:
- Purpose and importance of financial statements
- Components and format of balance sheets
- Trial balance and adjusted trial balance in accounting
- Preparations for post-closing trial balance
- Format and purpose of statements of cash flow
- Preparing basic balance sheets and statements of cash flow
- Components and format of income statements
- Financial statement ratios
These lessons are mobile-device compatible, giving you a versatile way of reviewing the fundamentals of financial statements. Test your understanding of the material with the self-assessment quizzes that follow every lesson. If you have questions, you can ask our instructors for assistance.
MTTC: Financial Statements Objectives
The MTTC Business, Management, Marketing and Technology exam is used to assess future educators' understanding of these content areas. Examinees are asked 100 multiple-choice questions and must finish the exam within four hours and 30 minutes when taking the paper-based version of the exam, or within two hours and 30 minutes if taking the computer-based exam instead. The Business domain contributes 25% of the score, and it may include questions about financial statements.
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. Journal Entries and Trial Balance in Accounting
There are several concepts that make up an accounting cycle. In this lesson, you will learn about two of those - journal entries and the trial balance.
4. Adjusted Trial Balance: Definition, Preparation & Example
There are many steps in the accounting cycle that must be taken before a company's financial statements are prepared. In this lesson, we will be discussing one of those steps - creating an adjusted trial balance.
5. Post-Closing Trial Balance: Preparation & Purpose
The last step in the accounting process is to create the post-closing trial balance. In this lesson, you will learn what the post-closing trial balance is, why it's important, and what accounts appear on it.
6. 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.
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. 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.
9. 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.
10. Financial Statement Ratios: Determining Company Performance
Have you ever wondered why the financial statements are so important to a company? In this lesson, you will learn about several financial statement ratios and how they help determine company performance.
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Other chapters within the MTTC Business, Management, Marketing & Technology (098): Practice & Study Guide course
- MTTC: Accounting
- MTTC: Account Types
- MTTC: Financial Planning & Markets
- MTTC: Taxation & Liability
- MTTC: Business Math
- MTTC: Business Communication Strategies
- MTTC: Types of Business Communication
- MTTC: Regulation in Business
- MTTC: Business Law
- MTTC: Business Ethics
- MTTC: Management & Leadership
- MTTC: Human Resource Management
- MTTC: Human Resource Processes
- MTTC: Labor Relations
- MTTC: Macroeconomics
- MTTC: Microeconomics
- MTTC: Personal Finance
- MTTC: Managing Debt & Risk
- MTTC: Marketing Strategy
- MTTC: Consumer Marketing
- MTTC: Marketing Channels & Distribution
- MTTC: Marketing Economics
- MTTC: Entrepreneurship
- MTTC: International Trade & Marketing
- MTTC: Information Technology in Business
- MTTC: Information Systems
- MTTC: Hardware & Software
- MTTC: Security & Privacy
- MTTC: Career Management
- MTTC Business, Management, Marketing & Technology Flashcards