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Hello Tomato Essay

1296 words - 6 pages

The chart of accounts lists all the accounts that a company uses in its accounting system. The accounts are usully organized into the following sequence.
1. Asset accounts
Examples:
* Cash | (Amount of cash on hand) |
* Accounts Receivables | (Amount owed to the company for services performed or products sold, where the cash has not yet been received) |
* Property and Equipment | (Amount of land, buildings and equipment) |
* Prepaid Insurance | (Insurance paid in advance, but not yet used) |
2. Liability accounts
Examples:
* Accounts Payable | (Amount owed to suppliers of goods or services that the company received but has not yet paid) |
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* Financial Statements:
Financial statements include four interrelated documents that present financial information about a company. They include the income statement, statement of equity (sole proprietorship & partnership) or statement of stockholder's equity (corporation), balance sheet, and statement of cash flows.
* Management Discussion and Analysis (MD&A):
Management discussion and analysis is a section of the annual report in which management expresses its views on significant events, trends, and uncertainties pertaining to the company's operations, liquidity, and capital resources.
* Auditor's Report:
The auditor's report, a report issued by a Certified Public Accountant (CPA) at the end of an audit, expresses an opinion about the financial statements. The purpose of the audit is to confirm that the financial statements conform to generally accepted accounting principles (GAAP) and that they fairly represent the financial position of the company.(Unqualified opinion)
* Notes to Financial Statements:
Notes to financial statements are explanatory notes that clarify information contained in the statements and expand on them by providing details that are not included in the basic statements.(Segment Disclosure,quarterly financial data, summary of significant accounting policies)

Annual ReportNoun phrase. (Accounting.) A document issued by management to the shareholders of a company and other potential users that presents financial information and results of operations for the last fiscal year. Included in the annual report is a letter from the chief executive officer (CEO) to the shareholders highlighting major achievements during the last accounting period and outlining plans of action for the forthcoming period. The annual report also includes financial statements, notes to financial statements, management's discussion and analysis of financial condition, operations, and cash flows, as well as the auditor's report. |
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Financial Statements
Noun phrase. (Accounting.) A set of four interrelated documents that present to decision makers relevant financial information about a company. Creditors, for example, may be particularly interested in liabilities and cash flows.
The first of these financial statements, the income statement, shows details of revenues and expenses and reports net income or net loss. The second, the statement of equity (or statement of stockholders' equity in a corporation), provides information about the beginning and ending retained earnings, net income, and dividends. The third financial statement, the balance sheet, offers details about assets, liabilities, and stockholders' equity. The fourth, the statement of cash flows, provides information about sources and uses of cash.
The four financial statements are interrelated, and information flows from one statement to another. Traditionally, the financial statements are prepared in the same order as listed above and...

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