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Acctg. III Worksheet Module

The document outlines the purpose and structure of accounting worksheets, which are essential for tracking various stages in the accounting cycle. It details four types of financial statements: balance sheet, income statement, statement of cash flows, and changes in owner's equity statement, each serving to provide insights into a company's financial status. These statements are crucial for stakeholders to assess financial health and make informed decisions.

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9 views2 pages

Acctg. III Worksheet Module

The document outlines the purpose and structure of accounting worksheets, which are essential for tracking various stages in the accounting cycle. It details four types of financial statements: balance sheet, income statement, statement of cash flows, and changes in owner's equity statement, each serving to provide insights into a company's financial status. These statements are crucial for stakeholders to assess financial health and make informed decisions.

Uploaded by

eduarlynjoyvelasquez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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WORKSHEET

6 COLUMN WORKSHEET

8 COLUMN WORKSHEET

10 COLUMNS WORKSHEET
WORKSHEET- Accounting worksheets are also known as trial balance worksheets. They typically have
multiple columns that represent different stages in the accounting cycle, such as revenue, assets, trial
balance, adjusting entries, and balance sheet.

FINANCIAL STAEMENTS

-Financial statements are a set of documents that show your company's financial status at a
specific point in time. They include key data on what your company owns and owes and how much
money it has made and spent.

4 TYPES OF FINANCIAL STATEMENTS

1. BALANCE SHEET- a balance sheet summarizes a company's assets, liabilities, and shareholder's
equity at a specific time. The equation Assets = Liabilities + Shareholder's Equity must always
balance, reflecting the company's financial position. It is a key tool for stakeholders to evaluate
financial health and make decisions.

2. INCOME STATEMENT- an income statement is a financial report used by a business. It tracks the
company's revenue, expenses, gains, and losses during a set period. It is also sometimes called a
profit-and-loss (P&L) statement or an earnings statement. It shows your: revenue from selling
products or services. expenses to generate the revenue and manage your business.

3. STATEMENT OF CASH FLOWS- A cash flow statement tracks the inflow and outflow of cash,
providing insights into a company's financial health and operational efficiency. It's also known as
a statement of cash flows or a CFS. A cash flow statement shows which parts of the business
generated cash and which parts spent cash during a given period of time.

4. CHANGES IN OWNER’S EQUITY STATEMENT- A statement of changes in owner's equity, also


known as a statement of owner's equity or statement of retained earnings, is a financial
document that shows how a business's equity has changed over a specific period of time. It's an
important part of a business's financial statements, along with the balance sheet and income
statement

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