Application of Financial Statement - Term Paper Example

Free

Extract of sample
Application of Financial Statement

According to Smith (2009), every time people balance their checkbooks to their bank statement, an aspect of accounting is applied. Similarly, every time people balance what they have spent and gained in family’s needs or business, they apply the fundamentals of the income statement. In addition, when individuals consider what they have given as a credit to others and what they have received as credit, that is also an income statement. The basic application of income statement is simply the difference between revenue and expenses. In our personal lives, as we determine our gains and losses, there is no difference with using the income statement. Individuals need to track their income compared to their expenses in order to avoid overspending. In daily life, people need to know the much they earn compared to what they spend to ensure that we meet their daily needs. Home income statements can sometimes be used by creditors and banks to determine people’s credibility to handle more credit. An individual income statement is also important as it shows how solvent we are, as stated by Dopson and Hayes (2008). For instance, if one has more assets compared to debts, then that person is solvent meaning he/she has enough assets to cover for debts. ...Show more

Summary

Application of Financial Statement Name: Institution: How the Use of Income Statement May Be Applied to Your Everyday Life An income statement or a profit and loss statement gives a summary of the company’s profit and loss over a given period, either a month or a year…
Author : richardblick
Save Your Time for More Important Things
Let us write or edit the term paper on your topic
"Application of Financial Statement"
with a personal 20% discount.
Grab the best paper

Related Essays

Financial Statement Analysis: Alcatel-Lucent
For the purpose of this paper, the organization of Alcatel-Lucent Enterprise has been chosen. This company is known for developing and implementing end to end solutions for other companies. It’s the company’s goals to design solutions that are aligned with their clients’ objectives. The analysis of the company is described in detail here.
7 pages (1750 words) Research Paper
The Portrayal of Brazil in the U.S. News Media.
This section of the research study will focus upon the leading print news media in the United States the New York Times and Washington Post on how they framed Brazil’s political and economic scenario. This valuable topic as it attracts the foreign affairs, policies and global issues between the United States and Brazil in the international platform.
10 pages (2500 words) Thesis
IFRS Illustrated Financial Statement
Some of these variances in presentation can be seen in the comprehensive income statement presentation. There are several examples to illustrate this. IFRS 5, for example, requires that post-tax loss/income be part of the disclosures in the statement of comprehensive income or be put in another income statement’s contents where this is applicable.
4 pages (1000 words) Essay
Application of Financial Statement
The final part of this essay evaluates the importance of the balance sheet and income statement to my career as an investment adviser and my future career of banker. The essay will utilize some secondary sources which will be referred to. This will be aided by critical analysis an explanations of components and importance of financial statements to relevant stakeholders identified above.
9 pages (2250 words) Essay
Financial Statement / Audit Report Review
This paper will review a financial statement of a local government in Virginia and analyze the method of accounting used for the funds. It will evaluate the use of the method of accounting for the funds as required by GASB, and assess the application and compliance of GASB statement number 34.
3 pages (750 words) Essay
How Income Statement Can Be Applied in My Everyday Life
This is because they help in measuring the financial performance of a company or a business. As such, they are used for external and internal purposes. When utilized internally, the employees and the business management team uses it for purposes of getting information that is specific.
3 pages (750 words) Essay
Application of Financial Statement
According to Weygandt, Kimmel, & Kieso (2010), income statement helps in identifying the revenue and expenses, thus viewing the net profit or net loss of the company for specific period of time. It can be said that the income statement would be more useful in everyday life because it would list all the revenue and the expenses that is incurred in a monthly and annual basis.
3 pages (750 words) Term Paper
Financial statement/audit report review
This is because the major priority of the financial statements produces it to report on near term inflows and outflows. The general fund exists among the county’s major fund and other government funds. The cash basis accounting chosen by the accounting team of the company is very convenient.
3 pages (750 words) Essay
Stephenson Real Estate Recapitalization
What would be the new price per share of the firm’s stock? How many shares will Stephenson need to issue in order to finance the purchase? c. Construct
2 pages (500 words) Case Study
Select a hypothetical startup company that you are considering in a particular country (not necessarily the UK). Make a general assessment of the level of funding that this venture needs for the first 5 years of operation along with a rough breakdown. Dis
Target ventures should include emerging consumer trends in the technology sector. The company’s personnel should receive strategic advice on team building and partnerships as an essential ways of expanding capital. The services are
2 pages (500 words) Coursework
Find out how much would it cost
to get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT