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Application of Financial Statement - Term Paper Example

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Application of Financial Statement

Income statement would include all the list of expenses such as rent, utilities, car payments, groceries, fuel, entertainment expenses, etc. The person can also analyze the unnecessary expenditures too. It would further assist in organizing the lifestyle of a person and facilitate in ensuring that the bills are paid on time. It would also help in keeping track of the money and check the habit of overspending. Moreover, saving money is encouraged through maintenance of an income statement. Income statement would definitely improve the financial position of any person, as it guides people to manage their daily financial needs and expenditures. Maintaining a well-structured income statement also helps in federal tax purposes. Maintaining accurate records of the incomes and expenditure can also ease the task of tax filings and also supports if there is any possibility of such being audited by Internal Revenue Service department of US. So it can be concluded that those balance sheet and income statement both are important for conducting business, but in everyday life of an individual income statement plays a more important role (Weygandt, Kimmel & Kieso, 2010, p. 21-23). Question 2 Using the same concept selected above, discuss how a business manager may benefit from an understanding of this statement. Utilizing similar concepts, it can be said that income statement helps in providing an insight to the business manager regarding the profitability and expenditure or loses of the company. The

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income statement assists the business manager to monitor the annual and also the monthly expenses. Both private and the public companies have to maintain a well-structured income statement and pay taxes regularly. So in order to calculate the tax, the company has to determine the income. This can be done by utilizing the income statement. An income statement helps the business manager to ascertain the financial condition of the company and assist him in making projections for new development. The income statement helps in comparing the past performance of companies with their current financial performance, and this information can be used for a variety of reasons. The company may want to recruit people and this can be ascertained by studying the past income statement, in which the peak periods of the company can be understood and additional people can be recruited during those times in advance, so that the company can utilize those periods for generating maximum revenue. Even the drivers of expenditures can be evaluated to eliminate the unnecessary expenses and reduce the internal cost of the company. Decisions regarding vendors, suppliers, or expenses on rent etc could be made by viewing the income statement (Besley, Brigham, 2011, p. 235-236). Question 3 Discuss how your understanding of the balance sheet and income statement may be applied to your current or future position. Financial Statements help in summarizing the operation’s actions during a certain period of time. This may be for a quarter, half year or annually. Currently I am a student and income statement and balance sheet can be helpful to me in many ways. Balance sheet consists of the assets and liabilities. The assets side of the balance sheet would include the values of the properties owned by

Summary

Application of Financial Statement Table of Contents Question1 3 Question 2 4 Question 3 5 References 6 Question1 Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life. Both balance sheet and income statement is very helpful in daily life, whether one is trying to keep an eye on his/her expenses or become an intelligent spender…
Author : shane03
Application of Financial Statement essay example
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