What You Need to Know About Fiscal Year-End
What are the six 6 basic financial statements?
1. The Income Statement: This statement shows a company's revenue and expenses over a given period of time, usually one year. The bottom line of the income statement is the net income or profit.
2. The Balance Sheet: This statement shows a company's assets, liabilities, and equity at a given point in time. The assets are listed first, followed by the liabilities, and then the equity.
3. The Statement of Cash Flows: This statement shows a company's cash inflows and outflows over a given period of time. The statement is divided into three sections: operating activities, investing activities, and financing activities.
4. The Statement of Stockholders' Equity: This statement shows the changes in a company's equity over a given period of time. The statement is divided into two sections: common stock and retained earnings.
5. The Statement of Comprehensive Income: This statement shows a company's net income and other comprehensive income items over a given period of time. Other comprehensive income items are items that are not included in net income, but are still considered part of a company's overall financial performance.
6. The Notes to the Financial Statements: These are disclosures that provide additional information about the financial statements. The notes typically include information about accounting policies, significant transactions, and other items that are not included in the financial statements themselves.
What are the four steps in the accounting cycle?
1. The accounting cycle begins with the recording of transactions in journals.
2. The transactions are then posted to the ledger, where they are organized by account.
3. The next step is to prepare a trial balance, which is a list of all the ledger account balances.
4. Finally, the financial statements are prepared, which include the income statement, balance sheet, and statement of cash flows. What is a year end financial statement called? A year end financial statement is an overview of a company's financial position at the end of a fiscal year. It includes a balance sheet, income statement, and statement of cash flows. What is another term for fiscal year? A fiscal year is an accounting period of 12 months that a company or government uses for financial reporting purposes. A fiscal year may not necessarily align with the calendar year, and it is often abbreviated as FY. What is the another name of accounting year? The other name for accounting year is fiscal year.