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Financial Statements

Essay by   •  June 27, 2011  •  Essay  •  280 Words (2 Pages)  •  1,333 Views

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For the first tutorial regarding financial statements I learned that each financial statement are unique in their own way but they do share specific information with the all the others. A great concept to keep in mind is the statement of cash flows shares information with both the balance sheet and the retained earnings statement. And the retained earnings statement shares information with both the statement of cash flows and the income statement. The "net income" listed on the income statement is also listed on the retained earnings statement. If the relationships between the financial statements are used this will allow for the correct information to be placed on the statements.

For the income statement tutorial there are some great points that help with the single and multiple step approaches. Let's say I only wanted to know the basic financial information about a company I would you use the single approach income statement because it is easier and quicker. Now, I need to know something more complex like the gross profit percentage ratio for the company I would then select the multi step approach. This step organizes the information so that the ratios are easier to determine.

For the income statement tutorial there are some great points that help with the single and multiple would you use the single approach income statement because it is easier and quicker. Now, I need to know something more complex like the gross profit percentage ratio for the company I would then select the multi step approach. This step organizes the information so that the ratios are easier to determine.step approaches. Let's say I only wanted to know the basic financial information about a company I

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