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Learn About the 3 Main Financial Statements for your Business
YOUR INCOME STATEMENT:Â
This statement lists all your current Business Revenue, Expenses, Gross & Net Profits, and Loss.
YOUR BALANCE SHEET:
This statement lists all your current Business Assets, Liabilities, Equity, and their group totals.
YOUR CASH FLOW STATEMENT:
This statement lists all your current Business Operating Activities, Investing Activities, Financing Activities, Cash Inflows, and Cash Outflows.
Learn About The Types Of Assets:
CURRENT ASSETS:Â
This type of Asset includes all of your current Business: Cash, Inventory, Accounts
Receivable, Pre Paid Expenses, Short Term Investments.
NON CURRENT ASSETS:
This type of Asset includes all of your current Business: Investments, Long Term Loans, (PPE) Property, Plant, Equipment.Â
FIXED ASSETS:
Land, Building, Equipment, Vehicles, Machinery.Â
INTANGIBLE ASSETS:
This type of Asset includes all of your current Business: Goodwill, Patents, Trademarks, Copyrights, Licenses, Software. .Â
FINANCIAL ASSETS: Includes current Business: Stocks, Bonds, Mutual Funds, Deposits.
OTHER ASSETS:Â Includes current Business: Deferred Tax Assets, Other Receivables, Non Current Advances.
Learn About The Types Of Liabilities:
CURRENT LIABILITIES: (Short - Term)
This type of Liability includes all of your current Business: Accounts Payable, Accrued Expenses, Short Term Loans, Taxes Payable.Â
NON CURRENT LIABILITIES (LONG - TERM)Â
This type of Liability includes all of your current Business: Long Term Debt, Deferred Tax, Liabilities, Mortgages.
CONTINGENT LIABILITIES (POTENTIAL)
This type of Liability includes all of your current Business: Pending Lawsuits, Product Warranties, Possible Fines.Â
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