中山大學(xué)會計基礎(chǔ)L.ppt

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Lesson9FinancialStatements TaskTeamofFUNDAMENTALACCOUNTINGSchoolofBusiness SunYat senUniversity 2 Outlines AGeneralViewofFinancialstatementsIncomestatementBalancesheetStatementofowners equityASimpleIllustration 3 OpeningStory Showmethemoney CubaGoodingJr utteredanimmortallineinthemovieJerryMaguire Showmethemoney Well thatiswhatfinancialstatementsdo Theyshowyouthemoney Thequestionsare Dotheyshowyouwhereacompany smoneycamefrom Dotheyshowyouwhereitwent andwhereitisnow Howaccountantsmakealltheseendssatisfied 4 GeneralViewofFinancialstatements GAAP StatementofFinancialPosition BalanceSheet IncomeStatement StatementofCashFlows 5 GeneralViewofFinancialstatements Stockvs Flow Stock resourcesandobligationsatapointintime Balancesheet Flow activityoveraperiodoftime Incomestatement Statementofcashflows 6 FinancialStatementObjectives Usefulforinvestmentdecisions Allfinancialstatements Comprehensible Allfinancialstatements Abouteconomicresourcesandclaimsonresources BalanceSheet Aboutfinancialperformanceduringaperiod IncomeStatement Aboutcashflows StatementofCashFlows 7 GeneralViewofFinancialstatements aComparison 8 GeneralViewofFinancialstatements BriefComments Thefinancialstatementsareapictureofthecompanyinfinancialterms Eachfinancialstatementrelatestoaspecificdateorcoversaparticularperiod 9 InformationDisclosedonFinancialStatements 10 InformationDisclosedonFinancialStatements cont 11 IncomeStatement Alsocalled Profit Lossstatement P Lstatement statementofearnings statementofoperationsTechnicallysubordinatetoBS ShowsdetailofchangestoRE ManyinvestorsconsiderISmoreimportantthanBS Variationsinformat 12 PartsofIncomeStatement Heading Nameofentity NameofstatementTimeperiodcovered Revenues CostofSales GrossMargin Expenses NetIncome 13 RevenuesinIncomeStatement Severalseparaterevenueitemsornet Netsales grosssales salesreturnsandallowances salesorcashdiscounts Tradediscountsnotshown Excludessalesorexcisetaxescollectedforgovernment Otherrevenues fromactivitiesnotassociatedwithsalesofentity sgoods services maybeincludedinnetsalesorshownseparately 14 ExpensesonIncomeStatement CostofSales orcostofgoodssold Associatedwithadecreaseintheassetinventory Grossmargin grossprofit Sales COGS Mayormaynotbeshown Separatedisclosureof Research developmentexpenses Interestexpense 15 IncomeStatementFormat OperatingincomemaybeshownbeforeOtherincomeandexpense Netincome Incomebeforetaxes Incometaxexpense Incomebeforetaxes Operatingincomeadjustedforotherrevenuesandexpenses 16 ExampleofIncomeStatement 17 ExampleofIncomeStatement cont 18 ExampleofIncomeStatement cont 19 BalanceSheet Pointintimeorstatusreport Moreformally StatementofFinancialPosition Contains andshowsequalityofamountsof Assets LiabilitiesandOwners equity 20 BeautyPhotoStore BalanceSheet 21 Assets AssetsarepropertiesoreconomicresourcesownedbyabusinessTheyareexpectedtoprovidefuturebenefitstothebusiness 22 Liabilities Liabilitiesareobligationsofthebusiness Theyareclaimsagainsttheassetsofthebusiness 23 Equity Equityistheowner sclaimontheassetsofthebusiness Itistheresidualinterestinheassetsofthebusinessafterdeductingliabilities 24 AnIllustrationofBalanceSheet 25 AnIllustrationofBalanceSheet cont 26 AnIllustrationofBalanceSheet cont 27 AnIllustrationofBalanceSheet cont 28 FlowStatements Explainschangesbetweenthedatesofthetwobalancesheetsnapshots 2typesofflowstatements Incomestatement andrelatedstatementofretainedearnings ReconcileschangeinRE StatementofCashFlows Reconcileschangesincash 29 StatementofCashFlows Accountsprovideinformationsummarizedinbalancesheetandincomestatement ThirdstatementrequiredbyGAAP Doesnotaffectthewaytransactionsarerecorded Derivedfromdatareportedinotherfinancialstatements 30 TheStatementofCashFlows Thestatementofcashflowsreportsthecompany scashinflowsandoutflowsfromoperating investing andfinancingactivities 31 Statementofcashflows Providesinfoaboutcashflowsassociatedwiththeperiod soperationsandinvestingandfinancingactivities Numbersoncashflowstatementareobjective cashiscash Eliminatesjudgmentsandestimatesinvolvedwithaccrualaccountingandtheincomestatementandbalancesheet 32 StatementofCashFlows 2CategoriesofActivities Sources activitiesthatgeneratecash Uses activitiesthatinvolvespendingcash 33 Sources Operations Newborrowings Newstockissues Saleofproperty plant andequipment Saleofothernon currentassets 34 Uses Cashdividends Repaymentofborrowings Repurchaseofstock Purchaseofproperty plant andequipment Purchaseofnon currentassets 35 Illustration StatementofCashFlows 36 Illustration cont StatementofCashFlows 37 Illustration cont StatementofCashFlows 38 Illustration cont StatementofCashFlows 39 Statementofowner sequity Thestatementofowner sequityreportsonchangesinequityoverthereportingperiod StartwithbeginningequityAdjustforevents Increase InvestmentsbyownerNetincomedecrease OwnerwithdrawalsNetloss 40 TwoCategoriesofShareholders Equity Paid inorcontributedcapital Retainedearnings 41 BalanceSheetandChangesinEquity 42 43 BeautyPhotoStore StatementofOwner sEquity 44 Summary Therearetwomajortypesoffinancialstatements stockreportsandflowreportsFinancialstatementcanserveasanimportantdevicetodiscloseinformationtoinvestorsinorderforthemtomakebetterdecisionsFourmajorfinancialstatementsarecompared explainedandillustratedinthislesson 45 CaseforOpenDiscussion Thefinancialstatementsitsimposinglyinfrontofyou astreamofnumbersrollingendlesslydownthepage Youareanewboardmember studyingthenumbers hopingtodeciphertheirmeaning Thenyouarehitwiththeaccountingjargon balancesheetsandincomestatements cashbasisandaccrualbasis Youthinkyouhearthefinancialstatementsquietlylaughatyou andyoubegintowonderiftheboardshouldhireapsychiatristinsteadofanaccountant 46 SuggestedQuestions Howarefinancialstatementsprepared Dotheymakethingssimpler Whatinformationcanweinferfromthesestatements Howcanwemakeuseofthem etc TheEndofLesson9