what is the difference between a financial statement and an income statement?
460903
finnancial statement is something more than an income statement. income statement is a subcategory of finnacial statement.\nfinancial statetement- balance sheet, cash flow, and other disclosures\nincome statement- just revenues and expenditures and net income
788283
hi, well 'posting' is quite a broad term and I presume you mean 'posting a transaction' or 'posting an entry'. Not trying to sound like your teacher; but 'posting' will depend on each kind of transaction. There are 1) assets, 2) liabilities, 2) equities, 4) revenues and 5) expenses. The 1st three items are reflected in the Balance sheet while the last two in the income statement. Asset and expenses, when increased are DEBIT, when they decrease are CREDIT (DEBIT and CREDIT are two sides of your Journal, the right side is DEBIT and the left side is CREDIT). On the other hand, liabilities, equities and revenues, when increase are CREDIT and when decrease are DEBIT (so they are opposite). eg. If you purchase a car for $10,000, your asset that is your car increases by $10,000 and another asset your cash decreases by $10,000. So car is Debit and cash is Credit, both by $10,000. Similarly you could buy an asset on a loan, so your liability increase which is a Credit and so does your asset which is a Debit. Remember whenever there is a (or more than one) Debit, there is a (or more than one) Credit and both (or all) must be of the same amount so that if Debit is PLUS and Credit MINUS the sum should be ZERO.\n\nFORWARD - well, every month end or year end, you total all your debits and credits in a particular account eg. Cash eg. in August you received $1,000 and at the start of August (or end of July) you had $200 (which means Debit $1,200) and in August you spent $700 (which means Credit $700) then you have a Debit balance of $500. As I said earlier the Journal has two sides for each account. At the end of the month or year every account is closed (as in our example 'cash account' was closed). This is done by balancing the account, eg. in the eg. above the Debit side is $1,200 and Credit is $700, so we will add $500 to the Credit side (this addition to Credit side is called a 'Debit balance' and if it was made to the Debit side it would have been called a 'Credit balance'. This Debit balance (as in our eg. $500) will be forwarded to the next month September. So when you will start the Cash account for September you will drag the 'Debit balance' (which was actually on the Credit side last month to the Debit side in September. It is basically a way to show that what you had at the end of last period you start with the same items (which is quite obvious, wonder why they chose such a tough way of doing it). It must be noted that only Balance sheet items (asset, liabilities and equities) are forwarded. Expenses and revenues are not forwarded they are closed (taken to the income statement).\nHope this helps, cheers.
84730
Cash flow is a more pure reading of exactly how the business is doing.  EPS can have a lot of other factors that are variable from quarter to quarter, such as one time charges or different tax rates.
53731
The financial statement is just that, it states the companies financial position. It will list, assets, liabilities, A/R, A/P, inventories. This reflects a period of time. If the companies liabilities exceed the assets, then your in trouble.
234476
Accountants are more than just number crunchers. The better part of accounting comes from the analysis and decision-making part which will happen after all the financial statements are made and prepared. A corporation acts upon the intuition accountants give although information from the financial statements are important, the meaning of all those numbers is what matters most.
395669
The satement of financial position is the same as the balance sheet. In it, you list your assets, liabilities and equity with their corresponding values.  Ask your accountant for specifics.
719145
a cash flow statement only monitors "cash" movement - cash recieved from customers as well as cash paid for expenses from operations, investments and financing activity.\n\na statement of financial performance (or an income statement in American accounting) concerns itself mainly with "income" (which is basically revenues less expenses) in order to obtain Net Income
13689
Total revenues. The term derives from the fact that this information appears at the top of an income statement
783590
An income statement in usually called a Profit and Loss statement, or P & L for short.  It should list where money was spent, classified into different catergories.  I can e-mail a sample one to you if you would like me to.  Just leave your e-mail address in the additional details part and I will check back.
908319
The four statements are \n- Income statement: this shows what you sold and your expenses for a fixed period\n\n-Balance sheet: this shows the value of all you own, owe, and are owed at a certain point in time.\n\n-Cashflows: this shows where cash went to and came from for a fixed period.\n\n-Statement of shareholders equity: this shows who owns what portion of the company.\n\n-Wes
1124623
The statement of retained earnings shows the changes in the retained earnings account for the accounting period from operating profits, operating losses, dividends, etc.  It's related to the balance sheet because retained earnings is a balance sheet item.  It's related to the income statement because profits/losses will change the retained earnings account.  Any cash transactions in the retained earnings account will be shown on the cash flows statement.  Hope I didn't miss any!
458844
http://en.wikipedia.org/wiki/Income_statement\n\nIncome statements for companies indicate how Net Revenue (money received from the sale of products and services before expenses are taken out, also known as the "top line") is transformed into Net Income (the result after all revenues and expenses have been accounted for, also known as the "bottom line"). The purpose of the income statement is to show managers and investors whether or not the company made or lost money during the period being reported.
252057
Accounting is an activity that can be termed an art as well as a science.  \n\nAccouting (financial accounting more so) is the act of collecting, recording, financial information in order to derive information that is capable of being analysed, summarized and reported. \n\nIt generally considers only information (transactions) that are capable of being viewed (measured) in monetary terms. \n\nHowever, in modern day computerised accounting environments there is a lot of other relevant information that is recorded along with the financial information (like inventory data) to make accounting a complex information collection, processing and retreival system.\n\nAccounting can be a complete record of all the activities of a business, providing details of every aspect of the business, allowing the analysis of business, and providing insight into future prospects.\n\nBookkeeping is the practice of recording transactions. Bookkeepers tend to focus on the details, recording transactions in an efficient and organized manner, and they may or may not see the overall picture.\n\nAccountants use the work done by bookkeepers to produce and analyze financial reports. Although accounting follows the same principles and rules as bookkeeping, an accountant can design a system that will capture all of the details necessary to satisfy the needs of the business—managerial, financial reporting, projection, analysis, and tax reporting. A good accountant will create a system of financial reporting that gives a complete picture of a business.\n\nhttp://www.futureaccountant.com/\n\nhttp://www.schoolingkids.com/
175406
dual aspect concept is the basis for the checks and balances in accounting by looking at all the figures from at least 2 different views.\n\n"This concept sets up for us the basic accounting equation from which financial statements are derived.  \n\nThe Accounting Equation states that "total assets = total liabilities and equities""\n\n\nMS Money and Quicken automatically give you the various forms involved. \n\nBalance Sheet\n\nChart of Accounts
515148
Its not easy to provide every details here, it's just a birds eye view,simply in financial reporting you prepare entries than trial balance and than put those figures in income statement where you get net profit after that you go for final phase of preparing balance sheet in which you analyze assets,liabilities and owner's equity.For all of these and especially for NGO consult any financial accounting books for technical details and procedures.
138360
income statement or profit and loss\nbalance sheet\ncash flow\nretained earnings statement or statement of changes in owner's equity
254248
For what you are doing, there is no practical difference.\n\nThere are differences in terms of complex database activities, such as using triggers; changing server variables on the database server; error handling; the nature of the way data is returned, and other very complex, vary narrow semantics.