If you want a clear understand of how your business is doing financially, and you want to be able to predict and plan for the future, a fairly thorough understanding of your financial statements is ... |
Before we launch into a discussion of the nuances of financial statements, you need to accept the fact that there are rules to putting these statements together. How much you need to worry about the ... |
The balance sheet is a statement of your company's relative wealth or financial position at a given point in time. It's often referred to as a "snapshot" because it gives you a fairly clear ... |
You don't have to be an accountant to make effective use of the data on your balance sheet. Use balance sheet data to monitor your company's financial health by monitoring the following: |
Although steps can be taken just prior to the balance sheet date (generally, year end) to improve it, you should be aware of how your actions and decisions throughout the year affect the "balance ... |
While the balance sheet is a financial snapshot, giving you a picture of the business's assets and liabilities on a single day at the end of the accounting period, the income statement shows you a ... |
The statement of changes in financial position provides data that are not explicitly present in the balance sheet or the |
This type of financial statement is used to bridge the gap between the amount of equity the owners have in the business at the beginning of the accounting period and the amount of their equity at the ... |
The creation of your financial statements is largely a mechanical exercise. The numbers to be used are found in your accounting records after the books are closed at the end of the period; to draw up ... |
An easy way to spot trends in your balance sheet and income statement data from a number of years, or to compare your information with that of another company or industry group, is to use "common ... |
