ACTG 1P91 Lecture Notes - Lecture 5: Financial Statement Analysis, Financial Statement, Income Statement

• School: Brock University
• Department: Accounting
• Course: ACTG 1P91
• Professor: Staci Kenno

Document Summary

Banks (may be able to demand more) Relevant will matter or make a difference. Consistent handle event in same way. Comparable different companies handle events in same way. Comparative financial statements report information for two or more time periods; often the most recent and the previous year. Displays subtotals that provide measures of profit in addition to net income. Shows change to retained earnings and changes to contributed capital. Beginning and ending balances correspond to the balance sheet. Indicate whether each of the following would be reported on the balance sheet (b/s), income state(cid:373)e(cid:374)t (cid:894)i/s(cid:895), o(cid:396) state(cid:373)e(cid:374)t of sha(cid:396)eholde(cid:396)s" e(cid:395)uity (cid:894)sse(cid:895) Insurance costs aid this year, to expire next year b/s. Cost of equipment used up this accounting year i/s. Amounts contributed by shareholders during the year sse. Cost of supplies unused at the end of the year b/s. Cost of supplies used during the accounting i/s. Amount of unpaid loans at the end of the year b/s.