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ACCT 217 Lecture Notes - Lecture 2: Retained Earnings, Share Capital, Financial Statement

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coralfrog569
3 Jul 2015
School
University of Calgary
Department
Accounting
Course
ACCT 217
Professor
Darrin Ambrose

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Document Summary

Reports revenues and expenses for a specific period of time. Reports the changes in each component of equity during a period of time. Shows the assets, liabilities and shareholders" equity at a specific point in time. Shows, for a specific period of time, how company obtained cash and how that cash was used. Arise from the sale of a product or service. Costs of assets consumed or services used to generate revenues. Shows the changes in each component of shareholders" equity for the period. Reports the effect on cash of the company"s: Shows net increase or decrease in cash for the period. Results from some statements are used as data in other statements. Profit from income statement is reported in statement of changes in equity. Ending balances of shareholders" equity is reported in both statements of financial position and changes in equity. Statement of cash flows is related to statement of financial position.

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Related Questions

Which of the following statements are correct (Select all that apply): 

A. A balance sheet reports on investing and financing activities.

B. An income statement reports on financing activities.

C. The statement of equity reports on changes in the accounts that make up equity.

D. The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time.

E. A balance sheet reports on a company's assets and liabilities over a period of time

a. What is the purpose of the Income Statement? b. What isanother name for the Balance Sheet? c. What types of activitieswould increase the balance of Owner’s Equity? d. How do dividendsor withdrawals impact Owner’s Equity balances? e. Which statementis compared to a snapshot and which is described as a video? Whyare these comparisons a useful analogy for describing thesestatements? f. Which financial statement summarizes the reasons forthe net changes in cash balances for a period? g. What are thethree types or classifications of cash flows that appear on theStatement of Cash Flows? h. Which of the key financial statementsdescribe activities over a period of time and which describe thestatus of the business at a specific point in time?

True/Make true questions in the “Financial Statements”

1. Peachtree automatically calculates financial statements oncejournal entries have been journalized and posted.

2. In Chapter 7, you printed three financial statements.

3. The statement of cash flow is roughly the same thing as abalance sheet.

4. The balance sheet lists the revenues and expenses of thebusiness.

5. The income statement is a summary of the revenue and expensesof a company for a period of time, such as an accounting period ora year.