ACCOUNTING: The Basics of
Accounting -
Accounting -
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| The Basics of Accounting ---PART ONE “It’s not the numbers, but what the numbers are telling you. It’s not the words, but the story the words are telling you.” Every household, no matter how large or small, is its own business. Like a business, a household has assets, liabilities, income, and expenses. And like a business, every household has various financial statements that explain the relationship among them. Assets and liabilities, income and expenses—you may not be fully aware of them, but they do indeed exist. The details of your financial situation are expressed in hard numbers, such as the amount of money you owe a credit card company or the amount you have in a savings account. By taking a cold, hard look at the numbers and learning what they mean, you’ll be better positioned in Section 3 to assess your financial position and identify where changes can be made. Numbers are like words—learn to read them and you’ll grasp the story. Learn to read and analyze them, and you’ll be able to change the plot to your liking. Guide to Assets and Liabilities, Income and ExpensesAssets, liabilities, income, expenses. Wait a minute, you say. Isn’t income an asset? Aren’t expenses liabilities? Why does the terminology have to be so confusing? In truth, there’s a very practical reason for separating income from assets and expenses from liabilities. There’s also a very practical reason for considering assets together with liabilities, and income together with expenses. That reason is cash flow. If you have a clear picture of your assets/liabilities on the one hand and your income/expenses on the other, ultimately you’ll be able to manage and increase your cash flow. KNOWLEDGE FINANCIAL TIP “My banker has never asked me for my report card. He’s only asked me for my financial statement. Your financial statement is your report card for life.” ------------------------------------------- Assets and Liabilities An asset puts money in your pocket, whereas a liability takes money out of it. That seems simple enough. Yet many people have trouble making the distinction. Poring over their financial statements, they get tangled up in the numbers and can’t tell what is making them money and what isn’t. KNOWLEDGE FINANCIAL TIP “Assets put money in your pocket. Liabilities take money from your pocket.” ---------------------------------------------- Assets To repeat, a financial asset is something that puts money, or income, in your pocket. Assets include: Cash Bank accounts Stocks Bonds Mutual funds Retirement funds Debts owed to you Net value of businesses you own Net value of income-producing real estate you own As you can see, debts owed to you are assets, known as receivables. If you sell a piece of property, the amount of money the buyer owes you is a receivable. Assets also include the net value of any businesses and real estate you own. The fair market value of a business or a piece of real estate is the amount of money you could fairly expect to receive if you sold it. But remember, you must deduct (and pay off) any money you owe on it, such as a mortgage. It’s important to keep in mind that Rich Dad wouldn’t consider your personal property an asset. Why? Because it doesn’t produce income. Your home, car, furniture, clothes, and collectibles might be things of financial or even sentimental value, but they are not financial assets unless and until they are sold for a profit. Some, in fact, might even be liabilities. Your banker or your accountant would encourage you to list these as assets in order to give you a stronger financial statement. Is the value of this personal property really what you could expect to receive if you had to sell it quickly? Since personal property produces no income, in this book it is treated as a doodad, not an asset. The financial statement you’ll learn to prepare is the financial statement of a sophisticated investor. |
| THE BASIC OF ACCOUNTING--- PART TWO Liabilities A liability takes money out of your pocket. Liabilities include: Credit card balances due Mortgages Car loans School loans Personal loans Taxes The typical amount you pay on each of these liabilities is considered your expense related to that liability. The term expense here refers to the total payment, including principal payment and related interest. Expense is calculated as it relates to total cash flow, not technical accounting principals. Rich Dad Tip “The reason most people suffer financially is because they purchase liabilities but list them under the asset column.” As mentioned, Rich Dad would treat your home as a liability, the financially prudent approach. A lot of money goes toward the maintenance of your home in the form of mortgage and insurance payments, property taxes, utility bills, and checks paid to plumbers and other contractors. These are all expenses related to your home. It’s misleading to think of your home as an asset, for who would own it if you stopped making mortgage payments? Many people purchase homes with the expectation that they’ll increase in value, but there is no guarantee of this, and some homes actually decrease in value. Only when a home is sold for a profit can it be considered an asset. KNOWLEDGE FINANCIAL Tip “Every time you owe someone money, you become an employee of their money. If you take out a thirty-year loan, you’ve become a thirty-year employee.” Debt is a liability because it is money owed to someone else. Credit card debt is a classic example of a liability. When you use a credit card, you’re taking a loan from the bank or company that issued the card. With that loan come interest payments. You generally do not pay interest for the first credit card cycle (usually a month), but any amount not completely paid off after that first cycle is subject to interest. If you carry a balance on your credit card, then all future charges are also subject to interest; there is no more first-cycle grace period. Furthermore, many credit card companies charge an annual fee for use of the card. Credit cards easily seduce the unwary into debt. Because no money exchanges hands, it may seem as if something is being purchased for nothing. But debt isn’t always a negative thing. There is bad debt and there is good debt. Bad debt is money borrowed to purchase doodads such as clothes, cars, or electronic equipment. You cannot expect to get a financial return from something purchased with bad debt. Good debt is debt that allows you to purchase assets. An example is money borrowed to purchase rental real estate. The tenant’s payments are used to pay off the loan and generate cash flow. It can be financially smart to carry good debt; it is never financially smart to carry bad debt. Take Note “It can be financially smart to carry good debt; it is never financially smart to carry bad debt.” Income and Expenses Understanding the dynamics of income and expenses is critical to cash flow management. People who cannot control their cash flow work for others; people who can control their cash flow work for themselves or have others work for them. |
THE BASIC OF ACCOUNTING--- PART THREE
Income
Income is money that goes into your pocket.
Income sources are:
Wages or salary
Tips
Interest on investments
Dividends
Rent from real estate
Distributions from businesses/limited partnerships
Royalties
Capital gains
There are three basic types of income: earned, passive, and portfolio.
Earned income, which is taxed at a higher rate than other forms of
income, is the salary or wage you are paid by an employer for doing a job.
Earned income also includes tips and self-employment wages. This is the
form of income that keeps many people on the left side of the CASHFLOW
Quadrant. A young person who heeds advice to “get a good job” may end
up stuck in the E quadrant.
KNOWLEDGE FINANCIAL Tip
“You want to learn how to convert earned income into passive or
portfolio income.”
The least-taxed form of income is passive income. Passive income is
money generated by a business or real estate property. Business or real
estate owners aren’t actively involved in generating passive income; the
money they have invested in assets is working for them. Portfolio income
is a type of passive income; it is income derived from a collection of
paper assets such as dividends, stocks, bonds, mutual funds, or
royalties from patents and license agreements. Portfolio income also
includes interest earned from a savings account, an outstanding loan, or
some other source.
The difference between earned income and passive or portfolio income is
this: If you have to show up for a job you have earned income; if you can
sit back and let your assets work for you, you have passive or portfolio
income.
Expenses
An expense is the opposite of income; it is money leaving your pocket. In
Rich Dad’s program your expenses are all your payments, that is, your
total cash outflow, each month. An accountant would include only the
interest portion of your mortgage payment as an expense, not the
principal portion. This program, however, is more concerned about your
total cash flow. Later you will account for total cash in and total cash out.
In Rich Dad’s program, then, expenses include:
Taxes
Credit card payments
Home mortgage payments
Car loan payments
Utility payments
Grocery bills
Travel and entertainment
All other personal expenses
Income pays expenses, and if you don’t have enough income you may
have to incur additional debt to pay your expenses.
A doodad is an unnecessary and sometimes unexpected expense or item
you purchase that does not put money in your pocket. It may be a pleasure
boat, a dream vacation, a new pair of sunglasses, or a meal you ate in a
restaurant when a snowstorm kept you from driving home. Doodads can
slowly and inexorably deplete your income—or serve as incentives to
make more. For example, if you’re determined to take a dream vacation
but equally determined not to put it on your credit card, you may figure out
a way to purchase a new asset that will generate the cash flow to pay for
your holiday. After you pay for your vacation, you will still have the
additional cash flow generated by the asset. People in the B quadrant
quickly learn the value of buying assets because it earns them the ability
to pay for doodads. Certain personal expenses that relate to your
business can become business expenses and thus tax deductions. For
instance, if you subscribe to an Internet service and you use that service
to communicate with clients, you can deduct that expense. Unlike
personal expenses, business expenses are paid with pre-tax dollars. Of
course, the expense must have a valid business purpose.
Balance Sheets and Income Statements
There are many different types of statements reflecting the state of your
finances. The two most important are the balance sheet and the income
statement. Understanding these two documents and their relationship to
each other is the master key to financial freedom.
Income
Income is money that goes into your pocket.
Income sources are:
Wages or salary
Tips
Interest on investments
Dividends
Rent from real estate
Distributions from businesses/limited partnerships
Royalties
Capital gains
There are three basic types of income: earned, passive, and portfolio.
Earned income, which is taxed at a higher rate than other forms of
income, is the salary or wage you are paid by an employer for doing a job.
Earned income also includes tips and self-employment wages. This is the
form of income that keeps many people on the left side of the CASHFLOW
Quadrant. A young person who heeds advice to “get a good job” may end
up stuck in the E quadrant.
KNOWLEDGE FINANCIAL Tip
“You want to learn how to convert earned income into passive or
portfolio income.”
The least-taxed form of income is passive income. Passive income is
money generated by a business or real estate property. Business or real
estate owners aren’t actively involved in generating passive income; the
money they have invested in assets is working for them. Portfolio income
is a type of passive income; it is income derived from a collection of
paper assets such as dividends, stocks, bonds, mutual funds, or
royalties from patents and license agreements. Portfolio income also
includes interest earned from a savings account, an outstanding loan, or
some other source.
The difference between earned income and passive or portfolio income is
this: If you have to show up for a job you have earned income; if you can
sit back and let your assets work for you, you have passive or portfolio
income.
Expenses
An expense is the opposite of income; it is money leaving your pocket. In
Rich Dad’s program your expenses are all your payments, that is, your
total cash outflow, each month. An accountant would include only the
interest portion of your mortgage payment as an expense, not the
principal portion. This program, however, is more concerned about your
total cash flow. Later you will account for total cash in and total cash out.
In Rich Dad’s program, then, expenses include:
Taxes
Credit card payments
Home mortgage payments
Car loan payments
Utility payments
Grocery bills
Travel and entertainment
All other personal expenses
Income pays expenses, and if you don’t have enough income you may
have to incur additional debt to pay your expenses.
A doodad is an unnecessary and sometimes unexpected expense or item
you purchase that does not put money in your pocket. It may be a pleasure
boat, a dream vacation, a new pair of sunglasses, or a meal you ate in a
restaurant when a snowstorm kept you from driving home. Doodads can
slowly and inexorably deplete your income—or serve as incentives to
make more. For example, if you’re determined to take a dream vacation
but equally determined not to put it on your credit card, you may figure out
a way to purchase a new asset that will generate the cash flow to pay for
your holiday. After you pay for your vacation, you will still have the
additional cash flow generated by the asset. People in the B quadrant
quickly learn the value of buying assets because it earns them the ability
to pay for doodads. Certain personal expenses that relate to your
business can become business expenses and thus tax deductions. For
instance, if you subscribe to an Internet service and you use that service
to communicate with clients, you can deduct that expense. Unlike
personal expenses, business expenses are paid with pre-tax dollars. Of
course, the expense must have a valid business purpose.
Balance Sheets and Income Statements
There are many different types of statements reflecting the state of your
finances. The two most important are the balance sheet and the income
statement. Understanding these two documents and their relationship to
each other is the master key to financial freedom.
THE BASIC OF ACCOUNTING---- PART
FOUR
The Balance Sheet
The balance sheet is self-explanatory: It balances the value of your
assets against the value of your liabilities. One half of the balance
sheet lists assets, the other half liabilities and your net worth:
ASSETS AND LIABILITIES
The balance sheet indicates how much money you have and how
much money you owe, and the difference between the two at a point
in time.
KNOWLEDGE FINANCIAL’s Tip
“People who are not aware of the power of a financial statement
often have the least money and the biggest financial problems.”
From the balance sheet you can determine your personal equity or
net worth, which is the difference between the value of your total
assets and your total liabilities:
net worth = assets – liabilities
In other words, your net worth is how many assets you have left over
after paying off all your liabilities (bills and loans), or the shortfall
thereof. It is how much you are worth on the day the balance sheet is
drawn up. In the example of the fictional Max described later in this
section, as well as in the examples given later in Section 3, Rich
Dad’s version of net worth is calculated along with a banker’s
version of net worth. The difference between the two is the value of a
person’s doodads.
The Income Statement
The income statement, also called a profit and loss statement,
measures income and expenses. One section of the statement lists
all income—either earned, passive, or portfolio—while the other
section lists all expenses.
INCOME AND EXPENSES
Unlike the balance sheet, which is a snapshot of net worth at a
particular point in time, the income statement catalogs income and
expenses over a period of time. Preparing an income statement on a
regular basis, such as every few months, is a good way to measure
financial progress.
Income statements and balance sheets have a symbiotic
relationship. For example, the income statement helps in determining
whether a balance sheet entry should be listed as an asset or a
doodad.
KNOWLEDGE FINANCIAL’s Tip
“Most people fail to realize that in life, it’s not how much money you
make, but how much money you keep.”
The income statement starts with gross income and ends with net
income. Gross income is money earned through a job or from a
business or investment. Net income, for our purposes, is that portion
of gross income pocketed after all expenses have been deducted
from it:
net income = gross income – expenses
FOUR
The Balance Sheet
The balance sheet is self-explanatory: It balances the value of your
assets against the value of your liabilities. One half of the balance
sheet lists assets, the other half liabilities and your net worth:
ASSETS AND LIABILITIES
The balance sheet indicates how much money you have and how
much money you owe, and the difference between the two at a point
in time.
KNOWLEDGE FINANCIAL’s Tip
“People who are not aware of the power of a financial statement
often have the least money and the biggest financial problems.”
From the balance sheet you can determine your personal equity or
net worth, which is the difference between the value of your total
assets and your total liabilities:
net worth = assets – liabilities
In other words, your net worth is how many assets you have left over
after paying off all your liabilities (bills and loans), or the shortfall
thereof. It is how much you are worth on the day the balance sheet is
drawn up. In the example of the fictional Max described later in this
section, as well as in the examples given later in Section 3, Rich
Dad’s version of net worth is calculated along with a banker’s
version of net worth. The difference between the two is the value of a
person’s doodads.
The Income Statement
The income statement, also called a profit and loss statement,
measures income and expenses. One section of the statement lists
all income—either earned, passive, or portfolio—while the other
section lists all expenses.
INCOME AND EXPENSES
Unlike the balance sheet, which is a snapshot of net worth at a
particular point in time, the income statement catalogs income and
expenses over a period of time. Preparing an income statement on a
regular basis, such as every few months, is a good way to measure
financial progress.
Income statements and balance sheets have a symbiotic
relationship. For example, the income statement helps in determining
whether a balance sheet entry should be listed as an asset or a
doodad.
KNOWLEDGE FINANCIAL’s Tip
“Most people fail to realize that in life, it’s not how much money you
make, but how much money you keep.”
The income statement starts with gross income and ends with net
income. Gross income is money earned through a job or from a
business or investment. Net income, for our purposes, is that portion
of gross income pocketed after all expenses have been deducted
from it:
net income = gross income – expenses
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FIVE [5] BIGGEST FINANCIAL INSTITUTIONS...
Bank of America Financial Services
Wells Fargo Financial Services
PNC-National City Mortgage Financial Services
Citibank,Citifinancial, Citimortgage, Citigroup
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How to make the Bank say, "Yes You're Approved"
Learn here the most effective ways to get the best loan
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FINANCIAL SYSTEM: AMERICA’S MONEY CRISIS / Bailout 101.
LEARN ABOUT: Top 6 Biggest U.S. Government Financial Bailouts In History!
2-LEARN ABOUT MARKET CRASHES HISTORY. HOW AND WHEN?
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GOVERNMENT:--- Government's general information;
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THE BLOG:--- WHERE AND HOW TO FIND MONEY TO INVEST IN REAL ESTATE? THE
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CREDIT CARDS:--- Six Smart Credit Card Strategies. Have a questions about credit
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PROTECTION AGAINST IDENTITY THEFT:--- DEFEND YOURSELF AGAINST IDENTITY
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THEFT!
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ABOUT CREDIT REPAIR! How to Use Your Credit Clout: Credit Laws That are on Your
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BANKING FINANCE Knowledge:--- The more you know the closer you are to
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CREDIT RATING:--- THE IMPORTANCE OF YOUR CREDIT RATING. Tips to Improve or
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TAX HELP: What to do if you Can’t Pay your Tax Bill? How to Cut Your Property Taxes
GOVERNMENT:--- Government's general information;
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Broward, and Palm Beach County.
THE BLOG:--- WHERE AND HOW TO FIND MONEY TO INVEST IN REAL ESTATE? THE
MOST LUCRATIVE, SECURED PROFITABLE BUSINESS?
FINANCIAL HELP:--- FREE FINANCIAL ADVICE. WAYS TO SAVE MONEY, TO MAKE
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you.”
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--- What are the advantages of commercial property investment?
--- REAL ESTATE ADVANTAGE AND GREAT OPPORTUNITY FOR
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FIVE IMPORTANT THINGS EVERY REAL ESTATE INVESTOR SHOULD
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SELLERS...
--- REAL ESTATE INVESTMENTS: WHY INVESTING IN REAL ESTATE
TODAY IS A GOOD IDEA FOR FIRST TIME HOME-BUYERS AND FOR
EVERYONE?
---... Federal Housing Administration {FHA} Mortgage Loan Programs
Information Center. Help for America's Homeowners! How to make
your home affordable?
--- ...REAL ESTATE ADVANTAGE AND GREAT OPPORTUNITY FOR FIRST
TIME HOME-BUYERS IN SOUTH FLORIDA! ———
-- FIRST TIME HOME-BUYERS. METHODS, TECHNIQUES, AND
STRATEGIES TO SUCCEED -- THE MOST IMPORTANT INFORMATION FOR
FIRST TIME BUYERS...
--- INVESTMENT GENERAL KNOWLEDGE AND FINANCING STRATEGY...
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AND GET RICHER TOMORROW
--- REAL ESTATE FINANCING: WHERE AND HOW TO FIND MONEY TO
INVEST IN REAL ESTATE?
Bringing the Dream of Home-ownership Within Reach... THE DREAM
NOW CAN BECOME A REALITY.
--- SOUTH FLORIDA REAL ESTATE INVESTMENTS. ---
FIVE IMPORTANT THINGS EVERY REAL ESTATE INVESTOR SHOULD
KNOW ABOUT?... ATTENTION, ATTENTION HOME-BUYERS AND
SELLERS...
--- NSP --- Neighborhood Stabilization Program
Neighborhood Stabilization Program: HUD's new Neighborhood
Stabilization Program provides emergency assistance to state and
local governments to...
---... HOME-BUYER'S TAX CREDIT, ASSISTANCE WITH DOWN-PAYMENT
AND CLOSING COST. {FLHOP} FLORIDA HOUSING OPPORTUNITY
PROGRAM. Utilizing home buyer tax credit to assist at closing
--- What are the advantages of commercial property investment?
--- REAL ESTATE ADVANTAGE AND GREAT OPPORTUNITY FOR
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--- How to Step Up and Build Wealth by Investing in Commercial Real
Estate?
..RICH GUIDE, WHY AREN'T RICH?
BUILDING FINANCIAL WEALTH, OBTAIN FINANCIAL FREEDOM,
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..RULE OF 72: The compound interest and financial success.
Rule Of 72 is the most important and simple rule of financial
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..MILLIONAIRE: How To Make Your First $1 Million? The
Millionaire's Mindset
..FORTUNE: BEFORE INVESTING IN THE STOCK MARKET LEARN
THIS FIRST!...
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State, and Federal.
Housing Finance Authority of Miami dade, Monroe, Broward,
and Palm Beach County
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TRIANGLE OF SUCCESS...
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TOP 10 CREATIVE FINANCING TECHNIQUES AND STRATEGIES
TO FIND MONEY TO INVEST!
The Five C’s of Credit: LEARN MORE..
CREATIVE FINANCE CAN AND WILL MAKE ALL THE DIFFERENCE
WHEN AN INVESTOR DECIDES TO INVEST IN REAL ESTATE...
..HOME INSPECTION: HOW TO GET THE BEST OUT OF IT..
Top 10 home-buying mistakes to avoid!
HOW TO USE HOME INSPECTION REPORTS TO NEGOTIATE
SALE PRICE?...
...ACCOUNTING: The Basics of Accounting...
...TAXES: THE FUNDAMENTAL OF TAXES. THE MORE YOU KNOW,
THE LESS YOU PAY...
...ANALYTICS: Top 9 Real Estate Financial Calculator Problems
every investors should know about...
...REAL ESTATE MARKET: TODAY'S
GREAT DEALS FOR FIRST-TIME HOME-
BUYERS & FOR EVERYONE AS NEVER
SEEN BEFORE! WONDERFUL
OPPORTUNITY TO CREATE
TREMENDOUS AMOUNT OF WEALTH...
BUILDING FINANCIAL WEALTH, OBTAIN FINANCIAL FREEDOM,
BECOME A RICH PERSON; YES YOU CAN...
..RULE OF 72: The compound interest and financial success.
Rule Of 72 is the most important and simple rule of financial
success.
..MILLIONAIRE: How To Make Your First $1 Million? The
Millionaire's Mindset
..FORTUNE: BEFORE INVESTING IN THE STOCK MARKET LEARN
THIS FIRST!...
..GOVERNMENT: Government's general information; Local,
State, and Federal.
Housing Finance Authority of Miami dade, Monroe, Broward,
and Palm Beach County
..EMPIRE: THE ABC's OF INVESTMENTS, Ways to Save. THE
TRIANGLE OF SUCCESS...
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TOP 10 CREATIVE FINANCING TECHNIQUES AND STRATEGIES
TO FIND MONEY TO INVEST!
The Five C’s of Credit: LEARN MORE..
CREATIVE FINANCE CAN AND WILL MAKE ALL THE DIFFERENCE
WHEN AN INVESTOR DECIDES TO INVEST IN REAL ESTATE...
..HOME INSPECTION: HOW TO GET THE BEST OUT OF IT..
Top 10 home-buying mistakes to avoid!
HOW TO USE HOME INSPECTION REPORTS TO NEGOTIATE
SALE PRICE?...
...ACCOUNTING: The Basics of Accounting...
...TAXES: THE FUNDAMENTAL OF TAXES. THE MORE YOU KNOW,
THE LESS YOU PAY...
...ANALYTICS: Top 9 Real Estate Financial Calculator Problems
every investors should know about...
...REAL ESTATE MARKET: TODAY'S
GREAT DEALS FOR FIRST-TIME HOME-
BUYERS & FOR EVERYONE AS NEVER
SEEN BEFORE! WONDERFUL
OPPORTUNITY TO CREATE
TREMENDOUS AMOUNT OF WEALTH...
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FINANCIAL STATEMENT
A financial statement (or financial report) is a formal
record of the financial activities of a business, person, or
other entity
BALANCE SHEET ------KNOWLEDGEFINANCIAL.COM
1. Balance sheet: also referred to as statement of
financial position or condition, reports on a company's
assets, liabilities, and Ownership equity at a given point in
time.
INCOME STATEMENT
2. Income statement: also referred to as Profit and Loss
statement (or a "P&L"), reports on a company's income,
expenses, and profits over a period of time.
PROFIT AND LOSS STATEMENT
-------KNOWLEDGEFINANCIAL.COM
Profit & Loss account provide information on the
operation of the enterprise. These include sale and the
various expenses incurred during the processing state.
3. Statement of retained earnings: explains the changes
in a company's retained earnings over the reporting
period.
CASH-FLOW STATEMENT
4. Statement of cash flows: reports on a company's cash
flow activities, particularly its operating, investing and
financing activities.
For large corporations, these statements are often
complex and may include an extensive set of notes to the
financial statements and management discussion and
analysis.
The notes typically describe each item on the balance
sheet, income statement and cash flow statement in
further detail. Notes to financial statements are
considered an integral part of the financial statements.
------KNOWLEDGEFINANCIAL.COM
A financial statement (or financial report) is a formal
record of the financial activities of a business, person, or
other entity
BALANCE SHEET ------KNOWLEDGEFINANCIAL.COM
1. Balance sheet: also referred to as statement of
financial position or condition, reports on a company's
assets, liabilities, and Ownership equity at a given point in
time.
INCOME STATEMENT
2. Income statement: also referred to as Profit and Loss
statement (or a "P&L"), reports on a company's income,
expenses, and profits over a period of time.
PROFIT AND LOSS STATEMENT
-------KNOWLEDGEFINANCIAL.COM
Profit & Loss account provide information on the
operation of the enterprise. These include sale and the
various expenses incurred during the processing state.
3. Statement of retained earnings: explains the changes
in a company's retained earnings over the reporting
period.
CASH-FLOW STATEMENT
4. Statement of cash flows: reports on a company's cash
flow activities, particularly its operating, investing and
financing activities.
For large corporations, these statements are often
complex and may include an extensive set of notes to the
financial statements and management discussion and
analysis.
The notes typically describe each item on the balance
sheet, income statement and cash flow statement in
further detail. Notes to financial statements are
considered an integral part of the financial statements.
------KNOWLEDGEFINANCIAL.COM
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Financial statements
A financial statement (or financial
report) is a formal record of the
financial activities and position of a
business, person, or other entity.
Relevant financial information is
presented in a structured manner
and in a form easy to understand.
A financial statement (or financial
report) is a formal record of the
financial activities and position of a
business, person, or other entity.
Relevant financial information is
presented in a structured manner
and in a form easy to understand.
“Show me the money!”
Remember the ’s immortal
line from the movie Jerry
Maguire,
“Show me the money!” Well,
that’s what financial
statements do.
They show you the money.
They show you where a
company’s money came
from, where it went, and
where it is now.
Remember the ’s immortal
line from the movie Jerry
Maguire,
“Show me the money!” Well,
that’s what financial
statements do.
They show you the money.
They show you where a
company’s money came
from, where it went, and
where it is now.
''There are four main financial
statements.
They are: (1) balance sheets;
(2) income statements;
(3) cash flow statements; and
(4) statements of
shareholders’ equity.
------
Let’s look at each of the first
three financial statements in
more detail.
statements.
They are: (1) balance sheets;
(2) income statements;
(3) cash flow statements; and
(4) statements of
shareholders’ equity.
------
Let’s look at each of the first
three financial statements in
more detail.
1. Balance Sheets
A balance sheet provides detailed
information about a company’s assets,
liabilities and shareholders’ equity.
Assets are things that a
company owns that have
value. This typically means they can
either be sold or used by the company to
make products or provide services that can
be sold. Assets include physical property,
such as plants, trucks, equipment and
inventory.
It also includes things that can’t be touched
but nevertheless exist and have value, such
as trademarks and patents, copyright,
royalties. And cash itself is an asset. So are
investments a company makes.
-------
Assets are generally listed based on how
quickly they will be converted into cash.
Current assets are things a company expects
to convert to cash within one year.
A good example is inventory. Most
companies expect to sell their inventory for
cash within one year.
Noncurrent assets are things a company
does not expect to convert to cash within
one year or that would take longer than one
year to sell.
Noncurrent assets include fixed assets.
Fixed assets are those assets used to
operate the business but that are not
available for sale, such as trucks, office
furniture and other property.
A balance sheet provides detailed
information about a company’s assets,
liabilities and shareholders’ equity.
Assets are things that a
company owns that have
value. This typically means they can
either be sold or used by the company to
make products or provide services that can
be sold. Assets include physical property,
such as plants, trucks, equipment and
inventory.
It also includes things that can’t be touched
but nevertheless exist and have value, such
as trademarks and patents, copyright,
royalties. And cash itself is an asset. So are
investments a company makes.
-------
Assets are generally listed based on how
quickly they will be converted into cash.
Current assets are things a company expects
to convert to cash within one year.
A good example is inventory. Most
companies expect to sell their inventory for
cash within one year.
Noncurrent assets are things a company
does not expect to convert to cash within
one year or that would take longer than one
year to sell.
Noncurrent assets include fixed assets.
Fixed assets are those assets used to
operate the business but that are not
available for sale, such as trucks, office
furniture and other property.
'' Balance Sheet: Balance
sheets show what a company
owns and what it owes at a
fixed point in time.
Learn the components of the balance sheet.
This document offers a snapshot of the
company's assets, such as current and fixed
assets; liabilities, including short-term loans
and long-term bonds; and shareholders'
equity, such as common stock and retained
earnings.
----------
Shareholders’ equity is sometimes called
capital or net worth. It’s the money that would
be left if a company sold all of its assets and
paid off all of its liabilities.
This leftover money belongs to the
shareholders, or the owners, of the company.
Shareholders’ equity is the amount owners
invested in the company’s stock plus or minus
the company’s earnings or losses since
inception.
Sometimes companies distribute earnings,
instead of retaining them. These distributions
are called dividends.
The following formula summarizes what a
balance sheet shows:
ASSETS = LIABILITIES + SHAREHOLDERS'
EQUITY
A company's assets have to equal, or
"balance," the sum of its liabilities and
shareholders' equity.
A company’s balance sheet is set up like the
basic accounting equation shown above.
On the left side of the balance sheet,
companies list their assets.
On the right side, they list their liabilities and
shareholders’ equity.
Sometimes balance sheets show assets at the
top, followed by liabilities, with shareholders’
equity at the bottom.
sheets show what a company
owns and what it owes at a
fixed point in time.
Learn the components of the balance sheet.
This document offers a snapshot of the
company's assets, such as current and fixed
assets; liabilities, including short-term loans
and long-term bonds; and shareholders'
equity, such as common stock and retained
earnings.
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Shareholders’ equity is sometimes called
capital or net worth. It’s the money that would
be left if a company sold all of its assets and
paid off all of its liabilities.
This leftover money belongs to the
shareholders, or the owners, of the company.
Shareholders’ equity is the amount owners
invested in the company’s stock plus or minus
the company’s earnings or losses since
inception.
Sometimes companies distribute earnings,
instead of retaining them. These distributions
are called dividends.
The following formula summarizes what a
balance sheet shows:
ASSETS = LIABILITIES + SHAREHOLDERS'
EQUITY
A company's assets have to equal, or
"balance," the sum of its liabilities and
shareholders' equity.
A company’s balance sheet is set up like the
basic accounting equation shown above.
On the left side of the balance sheet,
companies list their assets.
On the right side, they list their liabilities and
shareholders’ equity.
Sometimes balance sheets show assets at the
top, followed by liabilities, with shareholders’
equity at the bottom.
Liabilities are amounts of money that a company owes to others.
This can include all kinds of obligations, like money borrowed from a bank to launch a new product,
rent for use of a building, money owed to suppliers for materials,
payroll a company owes to its employees, environmental cleanup costs, or taxes owed to the government.
Liabilities also include obligations to provide goods or services to customers in the future.
This can include all kinds of obligations, like money borrowed from a bank to launch a new product,
rent for use of a building, money owed to suppliers for materials,
payroll a company owes to its employees, environmental cleanup costs, or taxes owed to the government.
Liabilities also include obligations to provide goods or services to customers in the future.
2. Income Statements: Income statements show how much
money a company made and spent over a period of time.
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P&/L = The second of the three financial
statements is the income statement.
Sometimes called the profit and loss, the income statement shows you money
coming in the door (revenue), money going out the door (expenses), and what's left
over afterward (income, or profit).
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Income Statements
An income statement is a report that shows how much revenue a company earned
over a specific time period (usually for a year or some portion of a year). An income
statement also shows the costs and expenses associated with earning that revenue.
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Income statements also report earnings per share (or “EPS”). This calculation tells
you how much money shareholders would receive if the company decided to
distribute all of the net earnings for the period. (Companies almost never distribute
all of their earnings. Usually they reinvest them in the business.)
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To understand how income statements are set up, think of them as a set of stairs.
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You start at the top with the total amount of sales made during the accounting period.
--------
Then you go down, one step at a time. At each step, you make a deduction for
certain costs or other operating expenses associated with earning the revenue.
------
At the bottom of the stairs, after deducting all of the expenses, you learn how much
the company actually earned or lost during the accounting period. People often call
this “the bottom line.”
------
At the top of the income statement is the total amount of money brought in from
sales of products or services.
This top line is often referred to as gross revenues or sales. It’s called “gross”
because expenses have not been deducted from it yet. So the number is “gross” or
unrefined.
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The next line is money the company doesn’t expect to collect on certain sales. This
could be due, for example, to sales discounts or merchandise returns.
----------
When you subtract the returns and allowances from the gross revenues, you arrive
at the company’s net revenues. It’s called “net” because, if you can imagine a net,
these revenues are left in the net after the deductions for returns and allowances
have come out.
----------
Moving down the stairs from the net revenue line, there are several lines that
represent various kinds of operating expenses.
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Although these lines can be reported in various orders, the next line after net
revenues typically shows the costs of the sales.
This number tells you the amount of money the company spent to produce the
goods or services it sold during the accounting period.
--------
The next line subtracts the costs of sales from the net revenues to arrive at a
subtotal called “gross profit” or sometimes “gross margin.
” It’s considered “gross” because there are certain expenses that haven’t been
deducted from it yet.
The next section deals with operating expenses
These are expenses that go toward supporting a company’s operations for a given
period – for example, salaries of administrative personnel and costs of researching
new products. Marketing expenses are another example. Operating expenses
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money a company made and spent over a period of time.
-----
P&/L = The second of the three financial
statements is the income statement.
Sometimes called the profit and loss, the income statement shows you money
coming in the door (revenue), money going out the door (expenses), and what's left
over afterward (income, or profit).
-------
Income Statements
An income statement is a report that shows how much revenue a company earned
over a specific time period (usually for a year or some portion of a year). An income
statement also shows the costs and expenses associated with earning that revenue.
-------
Income statements also report earnings per share (or “EPS”). This calculation tells
you how much money shareholders would receive if the company decided to
distribute all of the net earnings for the period. (Companies almost never distribute
all of their earnings. Usually they reinvest them in the business.)
--------
To understand how income statements are set up, think of them as a set of stairs.
------
You start at the top with the total amount of sales made during the accounting period.
--------
Then you go down, one step at a time. At each step, you make a deduction for
certain costs or other operating expenses associated with earning the revenue.
------
At the bottom of the stairs, after deducting all of the expenses, you learn how much
the company actually earned or lost during the accounting period. People often call
this “the bottom line.”
------
At the top of the income statement is the total amount of money brought in from
sales of products or services.
This top line is often referred to as gross revenues or sales. It’s called “gross”
because expenses have not been deducted from it yet. So the number is “gross” or
unrefined.
-------
The next line is money the company doesn’t expect to collect on certain sales. This
could be due, for example, to sales discounts or merchandise returns.
----------
When you subtract the returns and allowances from the gross revenues, you arrive
at the company’s net revenues. It’s called “net” because, if you can imagine a net,
these revenues are left in the net after the deductions for returns and allowances
have come out.
----------
Moving down the stairs from the net revenue line, there are several lines that
represent various kinds of operating expenses.
-------
Although these lines can be reported in various orders, the next line after net
revenues typically shows the costs of the sales.
This number tells you the amount of money the company spent to produce the
goods or services it sold during the accounting period.
--------
The next line subtracts the costs of sales from the net revenues to arrive at a
subtotal called “gross profit” or sometimes “gross margin.
” It’s considered “gross” because there are certain expenses that haven’t been
deducted from it yet.
The next section deals with operating expenses
These are expenses that go toward supporting a company’s operations for a given
period – for example, salaries of administrative personnel and costs of researching
new products. Marketing expenses are another example. Operating expenses
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