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Understanding Primary Financial Statements in Business Administration

Explore the significance of the three primary financial statements - Income Statement, Cash Flow Statement, and Balance Sheet in business administration and management. Gain insights into accounting systems, GAAP principles, and the accounting equation.

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Understanding Primary Financial Statements in Business Administration

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  1. Business Administration & Management Mr. Bernstein Financial Statements, pp 409-415 May 20, 2014

  2. Business Administration & ManagementMr. Bernstein 3 Primary Financial Statements Income Statement Cash Flow Statement Ledger Balances Balance Sheet

  3. Business Administration & ManagementMr. Bernstein Accounting Systems Businesses keep score GAAP: Generally Accepted Accounting Principles The Accounting Equation: Assets = Liabilities + Owner’s Equity Assets are anything of value (ie cash, equipment, accounts receivable) Liabilities are anything the business owes Owner’s Equity is the net worth of the business (Assets – Liabilities = Owner’s Equity)

  4. Business Administration & ManagementMr. Bernstein 3 Primary Financial Statements Income Statement reports Profit/Loss Balance Sheet reports Assets & Liabilities Cash Flow Statement reports cash receipts and disbursements

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