12/6/24
Financial statements
§ Snapshot of a point in time. Top half are assets, bottom half is liabilities and net position. ____________________________________ § Covers a period of time (quarter or year). Illustrates growth and profitability. Starts with revenue line and deducts expenses ____________________________________ § Cash movement of the enterprise. Answers the question, how much cash is being generated and what is it being spent on? ____________________________________
§ Balance Sheet Statement of net position
§ Income Statement Statement of revenues, expenses and changes in net position
§ Statement of Cash flows
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Statement of net position
§ Reports all of the entity’s assets, liabilities and net position at a specific point in time (ie December 31, 2024) § Presented in a comparative format § Broken out between current and non-current § Assets are categorized based on how fast they can be converted to cash
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