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3.
1.2 Think about a recent purchase you made. Describe what financial and nonfinancial factors went into
that purchase. Rank the factors, and explain how you made the final decision to purchase the item.
4.
1.2 Computerized accounting systems help businesses efficiently record and utilize financial information.
QuickBooks is a popular software package for small businesses. Explore the QuickBooks website at
https://quickbooks.intuit.com/. Select one of the QuickBooks plans, and discuss some of the capabilities of the
software. Taking the perspective of a small business owner, explain how this software might help the
business.
5.
1.2 The following information was taken from the Netflix financial statements.
For Netflix, sales is the product of the number of subscribers and the price charged for each subscription.
What observations can you make about the previous three years of Netflix’s sales? Given this data, provide any | {"total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7} |
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] | What observations can you make about the previous three years of Netflix’s sales? Given this data, provide any
predictions you can make about the future financial performance of Netflix. What nonfinancial factors
influenced that prediction?
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 1 Role of Accounting in Society
57
6.
1.2 The following chart shows the price of Netflix stock for the six-month period from August 2017 to
January 2018.
Assume you are considering purchasing Netflix stock. What considerations would influence your decision?
Relative to Netflix’s financial performance, what factors would influence the decision, and how would those
factors rank in your decision? What about the nonfinancial factors?
7.
1.3 Use the internet to research one for-profit, one governmental, and one not-for-profit entity. For each
entity, describe the following:
A.
B.
the primary purpose of the entity | {"moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "file_type": ".pdf", "file_size_mb": 156.7, "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)"} |
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] | 7.
1.3 Use the internet to research one for-profit, one governmental, and one not-for-profit entity. For each
entity, describe the following:
A.
B.
the primary purpose of the entity
the types of activities that accountants would record (hint: what is the source of the entity’s funding,
and what costs might the entity have?)
C.
the types of decisions that might be made in this organization and how financial and nonfinancial
information might help the decision-making process
8.
1.3 Use the internet to research one manufacturing, one retail (or merchandising), and one service
business. For each business, describe the following:
A.
B.
the primary purpose of the entity
the types of activities that accountants would record (hint: what is the source of the business’ funding,
and what costs might the business have?)
C.
the types of decisions that might be made in this organization and how financial and nonfinancial
information might help the decision-making process
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the types of decisions that might be made in this organization and how financial and nonfinancial
information might help the decision-making process
9.
1.3 Assume you are considering opening a retail business. You are trying to decide whether to have a
traditional “brick-and-mortar” store or to sell only online. Explain how the activities and costs differ between
these two retail arrangements.
58
Chapter 1 Role of Accounting in Society
10.
1.3 Uber and Lyft are two popular ride-sharing services. Imagine that you are visiting New York City for
a family vacation. You are trying to decide whether to use one of these ride-sharing services to get around the
city or rent a car and drive yourself. Considering the perspectives of the passengers (your family), the drivers,
and the company (Uber or Lyft), explain the following:
A. why ride-sharing services have gained in popularity
B.
C.
the financial considerations relevant to your decision | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "total_pages": 1055, "file_type": ".pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader"} |
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] | and the company (Uber or Lyft), explain the following:
A. why ride-sharing services have gained in popularity
B.
C.
the financial considerations relevant to your decision
the nonfinancial considerations relevant to your decision
11.
1.3 How would you categorize or classify a company like Disney?
12.
1.3 Charity Navigator (https://www.charitynavigator.org) is a website dedicated to providing
information regarding not-for-profit charitable organizations.
A. After reviewing the website, explain how not-for-profit organizations are rated.
B. Explain why there is a need for the type of information provided by Charity Navigator.
C. Choose one to two charities listed in the website. Explain the information provided about the charity
(financial and nonfinancial), the rating of the charity, and any other relevant factors.
13.
1.4 Use the internet to visit the Securities and Exchange Commission (SEC) website
(https://www.sec.gov/). Write a report discussing the following:
A. | {"uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creator": "DocBook XSL Stylesheets V1.79.1", "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055} |
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] | 13.
1.4 Use the internet to visit the Securities and Exchange Commission (SEC) website
(https://www.sec.gov/). Write a report discussing the following:
A.
several of the services provided by the SEC
B. why the services are important to the investing public
C. why you think the SEC would require publicly traded companies to file financial information
14.
1.4 Imagine that you have just been elected president of your university’s student senate. Assume the
university is considering constructing a new student union—a place that offers a variety of stores, restaurants,
and entertainment option for students—and has asked the student senate to develop a formal position in
support or opposition of the new student union.
A.
Identify the stakeholders involved in this decision. Discuss the relevant considerations that each
stakeholder might have.
B. Discuss the financial information that might be helpful in formulating the student senate position. | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_name": "FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | stakeholder might have.
B. Discuss the financial information that might be helpful in formulating the student senate position.
C. Discuss the nonfinancial information that might be helpful in formulating the student senate position.
15.
1.4 According to a company press release, on January 5, 2012, Hansen Natural Corporation changed its
name to Monster Beverage Corporation. According to Yahoo Finance, on that day the value of the company
stock (symbol: MNST) was $15.64 per share. On January 5, 2018, the stock closed at $63.49 per share. This
represents an increase of nearly 306%.
A. Discuss the factors that might influence the increase in share price.
B. Consider yourself as a potential shareholder. What factors would you consider when deciding whether
or not to purchase shares in Monster Beverage Corporation today?
16.
1.4 The Dow Jones Industrial Average (DJIA) is often cited as a key metric for business activity. The | {"uploaded_via": "batch_uploader", "file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)"} |
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] | or not to purchase shares in Monster Beverage Corporation today?
16.
1.4 The Dow Jones Industrial Average (DJIA) is often cited as a key metric for business activity. The
average is a mathematical formula that uses the stock prices of thirty companies traded on the New York Stock
Exchange (NYSE) and the National Association of Securities Dealers Automated Quotation (NASDAQ) system.
A.
Identify several of the companies that are included in the DJIA.
B. Explain why this metric might be commonly used to measure business activity.
C. Research the history of the DJIA and note some interesting facts. When did the Dow begin? What was
the first value? What was the lowest value? The following is an example of a website that may be
helpful: http://www.dow-jones-djia.com/history-of-dow-jones-industrial-average-index/.
D. What is the current value of the DJIA? What factors might contribute to the difference between early
and current values of the DJIA? | {"file_name": "FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "batch_upload": true, "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "file_type": ".pdf", "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7} |
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0.043842799961566925,
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] | D. What is the current value of the DJIA? What factors might contribute to the difference between early
and current values of the DJIA?
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 1 Role of Accounting in Society
59
17.
1.5 Many professional certifications now have requirements for ethics training.
A. Define ethics.
B. Why does the accounting profession put so much emphasis on acting ethically?
18.
1.5 The Certified Public Accountant (CPA) exam is a uniform exam that is administered by a national
organization. Licenses, however, are issued by individual states.
A. Explain why you think each state is responsible for issuing CPA licenses.
B. Choose two to three states, and compare and contrast the requirements to become a CPA. Are they
fairly consistent or drastically different from each other? A helpful resource is
https://www.thiswaytocpa.com/. You may also find it helpful to search the board of accountancy for
each state. | {"moddate": "2020-08-05T15:26:11-05:00", "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)"} |
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] | fairly consistent or drastically different from each other? A helpful resource is
https://www.thiswaytocpa.com/. You may also find it helpful to search the board of accountancy for
each state.
C. Tax preparation is a large part of what many CPAs do. Students may be interested to know that a CPA
(or any other licensing) is not required to prepare tax returns. Assume you know two friends who
prepare tax returns for others, one is a CPA and one is not. Assume that both friends intend to move
next year and will, therefore, prepare taxes in another state. Analyze this situation.
19.
1.5 Accounting is not the only profession to offer professional certifications. Many other professions
have certifications that are either required or encouraged for entry or advancement in the profession. Think of
two to three career paths that you have considered or are considering. After doing some research, complete
the following:
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] | two to three career paths that you have considered or are considering. After doing some research, complete
the following:
A.
Identify the name of the certification and the institute that administered the certification.
B. Explain the education and/or experience requirements for taking the exam and earning the license.
C. Discuss any of the benefits, financial or otherwise, of earning the certification.
20.
1.5 Assume you are considering earning a master’s degree (or even doctorate) after earning your
bachelor’s degree. One option is to continue directly into a master’s program and then enter the workforce.
Another option is to gain some work experience and then return to graduate school and earn your master’s
degree.
A. Evaluate these options, and identify the advantages and disadvantages of each.
B.
It may be helpful to do some research on earnings and advancement potential, available formats of | {"total_pages": 1055, "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "batch_upload": true, "moddate": "2020-08-05T15:26:11-05:00", "producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "title": "Principles of Accounting, Volume 1: Financial Accounting"} |
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] | degree.
A. Evaluate these options, and identify the advantages and disadvantages of each.
B.
It may be helpful to do some research on earnings and advancement potential, available formats of
graduate programs (full time, part time, online), and other factors that might influence your decision.
You may want to research graduate programs and utilize sites such as the Occupational Outlook
Handbook (https://www.bls.gov/ooh/).
60
Chapter 1 Role of Accounting in Society
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
2
Introduction to Financial Statements
Figure 2.1 Derek’s Venture. Technology can be a great tool for those who are far away from friends and
family. Tablets are one way for those unfamiliar with technology to become comfortable using technology to
connect with others. (credit: modification of “Lady Elderly” by “MabelAmber”/Pixabay, CC0)
Chapter Outline | {"upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "file_size_mb": 156.7, "file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf"} |
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] | connect with others. (credit: modification of “Lady Elderly” by “MabelAmber”/Pixabay, CC0)
Chapter Outline
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash
Flows, and How They Interrelate
2.2 Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent
Liabilities, Equity, Revenues, and Expenses
2.3 Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet
Why It Matters
As a teenager, Derek loves computers. He also enjoys giving back to the community by helping others. Derek
understands that many senior citizens live far away from their families, resulting in infrequent visits and
loneliness. This summer he is considering combining both things he enjoys by working with the local
retirement center. His idea is to have workshops to show the senior citizens how to connect with their families | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "creationdate": "2019-04-24T10:32:54-05:00", "batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79.1", "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7} |
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] | retirement center. His idea is to have workshops to show the senior citizens how to connect with their families
through the use of technology. The director of the retirement center is enthused about Derek’s idea and has
agreed to pay him for the services. During his visits, he will set up tablets and then show the seniors how to
use them. Since he lives nearby, he will also provide support on an as-needed basis.
While he is excited about this opportunity, he is also trying to save up money for college. Although the
retirement center will pay him for the workshops, he knows the investment in providing tablets will be
expensive, and he wants to ensure he can cover his costs. A neighbor who works in banking suggests that
Derek get a small loan to cover the costs of the tablets and use the income he earns to repay the loan. Derek is
excited by the idea but is anxious when his neighbor mentions he will have to provide the bank monthly | {"uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "batch_upload": true, "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00"} |
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] | excited by the idea but is anxious when his neighbor mentions he will have to provide the bank monthly
financial information, such as checking account and other financial statements. While he enjoys technology
62
Chapter 2 Introduction to Financial Statements
and helping others, he is unfamiliar with financial statements. Derek decides to learn more about how
financial statements will help both him and the bank make sound financial decisions.
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance
Sheet, and Statement of Cash Flows, and How They Interrelate
The study of accounting requires an understanding of precise and sometimes complicated terminology,
purposes, principles, concepts, and organizational and legal structures. Typically, your introductory accounting
courses will familiarize you with the overall accounting environment, and for those of you who want greater
detail, there is an assortment of more advanced accounting courses available. | {"file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00"} |
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detail, there is an assortment of more advanced accounting courses available.
This chapter concentrates on the four major types of financial statements and their interactions, the major
types of business structures, and some of the major terms and concepts used in this course. Coverage here is
somewhat basic since these topics are accorded much greater detail in future chapters.
Types of Business Structure
As you learned in Role of Accounting in Society, virtually every activity that occurs in a business has an
associated cost or value. Part of an accountant’s role is to quantify these activities, or transactions.
Also, in business—and accounting in particular—it is necessary to distinguish the business entity from the
individual owner(s). The personal transactions of the owners, employees, and other parties connected to the | {"creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "file_size_mb": 156.7, "producer": "Prince 11 (www.princexml.com)", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-07T07:23:08.167529", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "total_pages": 1055, "uploaded_via": "batch_uploader"} |
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] | individual owner(s). The personal transactions of the owners, employees, and other parties connected to the
business should not be recorded in the organization’s records; this accounting principle is called the business
entity concept. Accountants should record only business transactions in business records.
This separation is also reflected in the legal structure of the business. There are several common types of legal
business structures. While the accounting concepts for the various types of businesses are essentially the
same regardless of the legal structure, the terminology will change slightly depending on the organization’s
legal structure, and it is important to understand the differences.
There are three broad categories for the legal structure of an organization: sole proprietorship, partnership,
and corporation. A sole proprietorship is a legal business structure consisting of a single individual. Benefits | {"file_size_mb": 156.7, "upload_timestamp": "2026-02-07T07:23:08.167529", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_name": "FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader"} |
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] | and corporation. A sole proprietorship is a legal business structure consisting of a single individual. Benefits
of this type of structure include ease of formation, favorable tax treatment, and a high level of control over the
business. The risks involved with sole proprietorships include unlimited personal liability and a limited life for
the business. Unless the business is sold, the business ends when the owner retires or passes away. In
addition, sole proprietorships have a fairly limited ability to raise capital (funding), and often sole proprietors
have limited expertise—they are excellent at what they do but may have limited expertise in other important
areas of business, such as accounting or marketing.
A partnership is a legal business structure consisting of an association of two or more people who contribute
money, property, or services to operate as co-owners of a business. Benefits of this type of structure include | {"upload_timestamp": "2026-02-07T07:23:08.167529", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf"} |
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favorable tax treatment, ease of formation of the business, and better access to capital and expertise. The
downsides to a partnership include unlimited personal liability (although there are other legal structures—a
limited liability partnership, for example—to help mitigate the risk); limited life of the partnership, similar to
sole proprietorships; and increased complexity to form the venture (decision-making authority, profit-sharing
arrangement, and other important issues need to be formally articulated in a written partnership agreement).
A corporation is a legal business structure involving one or more individuals (owners) who are legally distinct
(separate) from the business. A primary benefit of a corporate legal structure is the owners of the organization | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "producer": "Prince 11 (www.princexml.com)", "title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "uploaded_via": "batch_uploader", "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00"} |
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] | (separate) from the business. A primary benefit of a corporate legal structure is the owners of the organization
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 2 Introduction to Financial Statements
63
have limited liability. That is, a corporation is “stand alone,” conducting business as an entity separate from its
owners. Under the corporate structure, owners delegate to others (called agents) the responsibility to make
day-to-day decisions regarding the operations of the business. Other benefits of the corporate legal structure
include relatively easy access to large amounts of capital by obtaining loans or selling ownership (stock), and
since the stock is easily sold or transferred to others, the business operates beyond the life of the
shareholders. A major disadvantage of a corporate legal structure is double taxation—the business pays
income tax and the owners are taxed when distributions (also called dividends) are received. | {"moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | shareholders. A major disadvantage of a corporate legal structure is double taxation—the business pays
income tax and the owners are taxed when distributions (also called dividends) are received.
Types of Business Structures
Sole Proprietorship
Partnership
Corporation
Number of Owners
Single individual
Two or more individuals
One or more owners
Ease of Formation
Easier to form
Harder to form
Difficult to form
Ability to Raise Capital
Difficult to raise capital
Harder to raise capital
Easier to raise capital
Liability Risk
Unlimited liability
Unlimited liability
Limited liability
Taxation Consideration
Single taxation
Single taxation
Double taxation
Table 2.1
The Four Financial Statements
Are you a fan of books, movies, or sports? If so, chances are you have heard or said the phrase “spoiler alert.”
It is used to forewarn readers, viewers, or fans that the ending of a movie or book or outcome of a game is | {"batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_size_mb": 156.7, "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529"} |
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about to be revealed. Some people prefer knowing the end and skipping all of the details in the middle, while
others prefer to fully immerse themselves and then discover the outcome. People often do not know or
understand what accountants produce or provide. That is, they are not familiar with the “ending” of the
accounting process, but that is the best place to begin the study of accounting.
Accountants create what are known as financial statements. Financial statements are reports that
communicate the financial performance and financial position of the organization.
In essence, the overall purpose of financial statements is to evaluate the performance of a company,
governmental entity, or not-for-profit entity. This chapter illustrates this through a company, which is | {"creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "file_size_mb": 156.7, "total_pages": 1055, "title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | governmental entity, or not-for-profit entity. This chapter illustrates this through a company, which is
considered to be in business to generate a profit. Each financial statement we examine has a unique function,
and together they provide information to determine whether a company generated a profit or loss for a given
period (such as a month, quarter, or year); the assets, which are resources of the company, and accompanying
liabilities, which are obligations of the company, that are used to generate the profit or loss; owner interest in
profits or losses; and the cash position of the company at the end of the period.
The four financial statements that perform these functions and the order in which we prepare them are:
1.
Income Statement
2. Statement of Owner’s Equity
3. Balance Sheet
64
Chapter 2 Introduction to Financial Statements
4. Statement of Cash Flows. | {"file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-07T07:23:08.167529", "batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | 1.
Income Statement
2. Statement of Owner’s Equity
3. Balance Sheet
64
Chapter 2 Introduction to Financial Statements
4. Statement of Cash Flows.
The order of preparation is important as it relates to the concept of how financial statements are interrelated.
Before explaining each in detail, let’s explore the purpose of each financial statement and its main
components.
C O N T I N U I N G A P P L I C A T I O N A T W O R K
Introduction to the Gearhead Outfitters Story
Gearhead Outfitters, founded by Ted Herget in 1997 in Jonesboro, Arkansas, is a retail chain that sells
outdoor gear for men, women, and children. The company’s inventory includes clothing, footwear for
hiking and running, camping gear, backpacks, and accessories, by brands such as The North Face,
Birkenstock, Wolverine, Yeti, Altra, Mizuno, and Patagonia. Herget fell in love with the outdoor lifestyle | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "title": "Principles of Accounting, Volume 1: Financial Accounting", "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7} |
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while working as a ski instructor in Colorado and wanted to bring that feeling back home to Arkansas.
And so, Gearhead was born in a small downtown location in Jonesboro. The company has had great
success over the years, expanding to numerous locations in Herget’s home state, as well as Louisiana,
Oklahoma, and Missouri.
While Herget knew his industry when starting Gearhead, like many entrepreneurs he faced regulatory
and financial issues that were new to him. Several of these issues were related to accounting and the
wealth of decision-making information that accounting systems provide.
For example, measuring revenue and expenses, providing information about cash flow to potential
lenders, analyzing whether profit and positive cash flow is sustainable to allow for expansion, and | {"file_size_mb": 156.7, "file_type": ".pdf", "batch_upload": true, "moddate": "2020-08-05T15:26:11-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financial Accounting", "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-07T07:23:08.167529"} |
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lenders, analyzing whether profit and positive cash flow is sustainable to allow for expansion, and
managing inventory levels. Accounting, or the preparation of financial statements (balance sheet,
income statement, and statement of cash flows), provides the mechanism for business owners such as
Herget to make fundamentally sound business decisions.
Purpose of Financial Statements
Before exploring the specific financial statements, it is important to know why these are important documents.
To understand this, you must first understand who the users of financial statements are. Users of the
information found in financial statements are called stakeholders. A stakeholder is someone affected by
decisions made by a company; this can include groups or individuals affected by the actions or policies of an | {"file_size_mb": 156.7, "creationdate": "2019-04-24T10:32:54-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "total_pages": 1055, "file_type": ".pdf", "batch_upload": true, "creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9"} |
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organization, including include investors, creditors, employees, managers, regulators, customers, and
suppliers. The stakeholder’s interest sometimes is not directly related to the entity’s financial performance.
Examples of stakeholders include lenders, investors/owners, vendors, employees and management,
governmental agencies, and the communities in which the businesses operate. Stakeholders are interested in
the performance of an organization for various reasons, but the common goal of using the financial
statements is to understand the information each contains that is useful for making financial decisions. For
example, a banker may be interested in the financial statements to decide whether or not to lend the
organization money.
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] | organization money.
Likewise, small business owners may make decisions based on their familiarity with the business—they know if
the business is doing well or not based on their “gut feeling.” By preparing the financial statements,
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 2 Introduction to Financial Statements
65
accountants can help owners by providing clarity of the organization’s financial performance. It is important to
understand that, in the long term, every activity of the business has a financial impact, and financial
statements are a way that accountants report the activities of the business. Stakeholders must make many
decisions, and the financial statements provide information that is helpful in the decision-making process.
As described in Role of Accounting in Society, the complete set of financial statements acts as an X-ray of a | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "batch_upload": true, "file_size_mb": 156.7, "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf"} |
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] | As described in Role of Accounting in Society, the complete set of financial statements acts as an X-ray of a
company’s financial health. By evaluating all of the financial statements together, someone with financial
knowledge can determine the overall health of a company. The accountant can use this information to advise
outside (and inside) stakeholders on decisions, and management can use this information as one tool to make
strategic short- and long-term decisions.
E T H I C A L C O N S I D E R A T I O N S
Utilitarian View of Accounting Decisions and Stakeholder Well-Being
Utilitarianism is a well-known and influential moral theory commonly used as a framework to evaluate
business decisions. Utilitarianism suggests that an ethical action is one whose consequence achieves the
greatest good for the greatest number of people. So, if we want to make an ethical decision, we should | {"creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "creationdate": "2019-04-24T10:32:54-05:00", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "file_type": ".pdf", "batch_upload": true, "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9"} |
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] | greatest good for the greatest number of people. So, if we want to make an ethical decision, we should
ask ourselves who is helped and who is harmed by it. Focusing on consequences in this way generally
does not require us to take into account the means of achieving that particular end, however. Put simply,
the utilitarian view is an ethical theory that the best action of a company is the one that maximizes utility
of all stakeholders to the decision. This view assumes that all individuals with an interest in the business
are considered within the decision.
Financial statements are used to understand the financial performance of companies and to make long-
and short-term decisions. A utilitarian approach considers all stakeholders, and both the long- and short-
term effects of a business decision. This allows corporate decision makers to choose business actions
with the potential to produce the best outcomes for the majority of all stakeholders, not just | {"file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "batch_upload": true, "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | term effects of a business decision. This allows corporate decision makers to choose business actions
with the potential to produce the best outcomes for the majority of all stakeholders, not just
shareholders, and therefore maximize stakeholder happiness.
Accounting decisions can change the approach a stakeholder has in relation to a business. If a company
focuses on modifying operations and financial reporting to maximize short-term shareholder value, this
could indicate the prioritization of certain stakeholder interests above others. When a company pursues
only short-term profit for shareholders, it neglects the well-being of other stakeholders. Professional
accountants should be aware of the interdependent relationship between all stakeholders and consider
whether the results of their decisions are good for the majority of stakeholder interests.
Y O U R T U R N
Business Owners as Decision Makers | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "total_pages": 1055, "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | whether the results of their decisions are good for the majority of stakeholder interests.
Y O U R T U R N
Business Owners as Decision Makers
Think of a business owner in your family or community. Schedule some time to talk with the business
owner, and find out how he or she uses financial information to make decisions.
Solution
66
Chapter 2 Introduction to Financial Statements
Business owners will use financial information for many decisions, such as comparing sales from one
period to another, determining trends in costs and other expenses, and identifying areas in which to
reduce or reallocate expenses. This information will be used to determine, for example, staffing and
inventory levels, streamlining of operations, and advertising or other investment decisions.
The Income Statement
The first financial statement prepared is the income statement, a statement that shows the organization’s | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "batch_upload": true, "creationdate": "2019-04-24T10:32:54-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)"} |
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] | The Income Statement
The first financial statement prepared is the income statement, a statement that shows the organization’s
financial performance for a given period of time. Let’s illustrate the purpose of an income statement using a
real-life example. Assume your friend, Chris, who is a sole proprietor, started a summer landscaping business
on August 1, 2020. It is categorized as a service entity. To keep this example simple, assume that she is using
her family’s tractor, and we are using the cash basis method of accounting to demonstrate Chris’s initial
operations for her business. The other available basis method that is commonly used in accounting is the
accrual basis method. She is responsible for paying for fuel and any maintenance costs. She named the
business Chris’ Landscaping. On August 31, Chris checked the account balance and noticed there is only $250
in the checking account. This balance is lower than expected because she thought she had been paid by some | {"uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "total_pages": 1055, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1"} |
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customers. Chris decides to do some research to determine why the balance in the checking account is lower
than expected. Her research shows that she earned a total of $1,400 from her customers but had to pay $100
to fix the brakes on her tractor, $50 for fuel, and also made a $1,000 payment to the insurance company for
business insurance. The reason for the lower-than-expected balance was due to the fact that she spent ($1,150
for brakes, fuel, and insurance) only slightly less than she earned ($1,400)—a net increase of $250. While she
would like the checking balance to grow each month, she realizes most of the August expenses were
infrequent (brakes and insurance) and the insurance, in particular, was an unusually large expense. She is
convinced the checking account balance will likely grow more in September because she will earn money from | {"uploaded_via": "batch_uploader", "batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529", "moddate": "2020-08-05T15:26:11-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "file_size_mb": 156.7, "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | convinced the checking account balance will likely grow more in September because she will earn money from
some new customers; she also anticipates having fewer expenses.
The Income Statement can also be visualized by the formula: Revenue – Expenses = Net Income/(Loss).
Let’s change this example slightly and assume the $1,000 payment to the insurance company will be paid in
September, rather than in August. In this case, the ending balance in Chris’s checking account would be
$1,250, a result of earning $1,400 and only spending $100 for the brakes on her car and $50 for fuel. This
stream of cash flows is an example of cash basis accounting because it reflects when payments are received
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 2 Introduction to Financial Statements
67
and made, not necessarily the time period that they affect. At the end of this section and in The Adjustment | {"uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "file_size_mb": 156.7, "creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "total_pages": 1055, "file_type": ".pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9"} |
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] | 67
and made, not necessarily the time period that they affect. At the end of this section and in The Adjustment
Process you will address accrual accounting, which does reflect the time period that they affect.
In accounting, this example illustrates an income statement, a financial statement that is used to measure the
financial performance of an organization for a particular period of time. We use the simple landscaping
account example to discuss the elements of the income statement, which are revenues, expenses, gains, and
losses. Together, these determine whether the organization has net income (where revenues and gains are
greater than expenses and losses) or net loss (where expenses and losses are greater than revenues and
gains). Revenues, expenses, gains, and losses are further defined here.
Revenue | {"total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "file_name": "FinancialAccounting-OP.pdf"} |
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gains). Revenues, expenses, gains, and losses are further defined here.
Revenue
Revenue[1] is the value of goods and services the organization sold or provided to customers for a given
period of time. In our current example, Chris’s landscaping business, the “revenue” earned for the month of
August would be $1,400. It is the value Chris received in exchange for the services provided to her clients.
Likewise, when a business provides goods or services to customers for cash at the time of the service or in the
future, the business classifies the amount(s) as revenue. Just as the $1,400 earned from a business made
Chris’s checking account balance increase, revenues increase the value of a business. In accounting, revenues
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] | are often also called sales or fees earned. Just as earning wages from a business or summer job reflects the
number of hours worked for a given rate of pay or payments from clients for services rendered, revenues (and
the other terms) are used to indicate the dollar value of goods and services provided to customers for a given
period of time.
Y O U R T U R N
Coffee Shop Products
Think about the coffee shop in your area. Identify items the coffee shop sells that would be classified as
revenues. Remember, revenues for the coffee shop are related to its primary purpose: selling coffee and
related items. Or, better yet, make a trip to the local coffee shop and get a first-hand experience.
Solution
Many coffee shops earn revenue through multiple revenue streams, including coffee and other specialty
drinks, food items, gift cards, and merchandise.
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] | Solution
Many coffee shops earn revenue through multiple revenue streams, including coffee and other specialty
drinks, food items, gift cards, and merchandise.
Expenses
An expense[2] is a cost associated with providing goods or services to customers. In our opening example, the
expenses that Chris incurred totaled $1,150 (consisting of $100 for brakes, $50 for fuel, and $1,000 for
In a subsequent section of this chapter, you will learn that the accounting profession is governed by the Financial Accounting Standards
1
Board (or FASB), a professional body that issues guidelines/pronouncements for the accounting profession. A set of theoretical | {"file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529", "file_name": "FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1"} |
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Board (or FASB), a professional body that issues guidelines/pronouncements for the accounting profession. A set of theoretical
pronouncements issued by FASB is called Statement of Financial Accounting Concepts (SFAC). In SFAC No. 6, FASB defines revenues as “inflows
or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both) from delivering or producing goods,
rendering services, or other activities that constitute the entity’s ongoing major or central operations” (SFAC No. 6, p. 23).
2
from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity’s ongoing major or central
operations” (SFAC No. 6, p. 23).
Expenses are formally defined by the FASB as “outflows or other using up of assets or incurrences of liabilities (or a combination of both)
68
Chapter 2 Introduction to Financial Statements | {"file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)"} |
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] | Expenses are formally defined by the FASB as “outflows or other using up of assets or incurrences of liabilities (or a combination of both)
68
Chapter 2 Introduction to Financial Statements
insurance). You might think of expenses as the opposite of revenue in that expenses reduce Chris’s checking
account balance. Likewise, expenses decrease the value of the business and represent the dollar value of costs
incurred to provide goods and services to customers for a given period of time.
Y O U R T U R N
Coffee Shop Expenses
While thinking about or visiting the coffee shop in your area, look around (or visualize) and identify items
or activities that are the expenses of the coffee shop. Remember, expenses for the coffee shop are
related to resources consumed while generating revenue from selling coffee and related items. Do not
forget about any expenses that might not be so obvious—as a general rule, every activity in a business
has an associated cost.
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] | forget about any expenses that might not be so obvious—as a general rule, every activity in a business
has an associated cost.
Solution
Costs of the coffee shop that might be readily observed would include rent; wages for the employees;
and the cost of the coffee, pastries, and other items/merchandise that may be sold. In addition, costs
such as utilities, equipment, and cleaning or other supplies might also be readily observable. More
obscure costs of the coffee shop would include insurance, regulatory costs such as health department
licensing, point-of-sale/credit card costs, advertising, donations, and payroll costs such as workers’
compensation, unemployment, and so on.
Gains
A gain[3] can result from selling ancillary business items for more than the items are worth. (Ancillary business
items are those that are used to support business operations.) To illustrate the concept of a gain, let’s return | {"creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "file_size_mb": 156.7, "file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-07T07:23:08.167529", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting"} |
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] | to our example. However, this example and the accompanying losses example are not going to be part of our
income statement, balance sheet, or owner’s equity statement discussions. The gains and losses examples are
only to be used in demonstrating the concepts of gains and losses. Assume that Chris paid $1,500 for a small
piece of property to use for building a storage facility for her company. Further assume that Chris has an
opportunity to sell the land for $2,000. She subsequently found a better storage option and decided to sell the
property. After doing so, Chris will have a gain of $500 (a selling price of $2,000 and a cost of $1,500) and will
also have $2,000 to deposit into her checking account, which would increase the balance.
Thinking back to the proceeds ($1,400) Chris received from her landscaping business, we might ask the
question: how are gains similar to and different from revenues? The revenue of $1,400 that Chris earned from | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf"} |
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] | question: how are gains similar to and different from revenues? The revenue of $1,400 that Chris earned from
her business and the $2,000 she received from selling the land are similar in that both increase her checking
account balance and make her business more valuable.
A difference, however, is evident if we consider how these funds were earned. Chris earned the $1,400 because
she provided services (her labor) to her clients. Chris’s primary objective is to earn revenue by working for her
clients. In addition, earning money by selling her land was an infrequent event for Chris, since her primary job
was serving as a landscaper. Her primary goal is to earn fees or revenue, not to earn money by selling land. In
FASB notes that gains represent an increase in organizational value from activities that are “incidental or peripheral” (SFAC No. 6, p. 24) to
3
the primary purpose of the business. | {"total_pages": 1055, "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_size_mb": 156.7, "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "creator": "DocBook XSL Stylesheets V1.79.1", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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-0.011526591144502163,
-0.007847524248063564
] | FASB notes that gains represent an increase in organizational value from activities that are “incidental or peripheral” (SFAC No. 6, p. 24) to
3
the primary purpose of the business.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 2 Introduction to Financial Statements
69
fact, she cannot consider doing that again because she does not have additional land to sell.
The primary goal of a business is to earn revenue by providing goods and services to customers in exchange
for cash at that time or in the future. While selling other items for more than the value of the item does occur
in business, these transactions are classified as gains, because these sales are infrequent and not the primary
purpose of the business.
Losses | {"batch_upload": true, "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_uploader", "file_type": ".pdf", "total_pages": 1055, "file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_name": "FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00"} |
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purpose of the business.
Losses
A loss[4] results from selling ancillary business items for less than the items are worth. To illustrate, let’s now
assume that Chris sells her land that she purchased for $1,500 at a sales price of $1,200. In this case she would
realize (incur) a loss of $300 on the sale of the property ($1,200 sales price minus the $1,500 cost of purchasing
the property) and will also have $1,200 to deposit into her checking account, which would increase the
balance.
You should not be confused by the fact that the checking account balance increased even though this
transaction resulted in a financial loss. Chris received $1,200 that she can deposit into her checking account
and use for future expenses. The $300 loss simply indicates that she received less for the land than she paid | {"file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "uploaded_via": "batch_uploader", "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true} |
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] | and use for future expenses. The $300 loss simply indicates that she received less for the land than she paid
for it. These are two aspects of the same transaction that communicate different things, and it is important to
understand the differences.
As we saw when comparing gains and revenues, losses are similar to expenses in that both losses and
expenses decrease the value of the organization. In addition, just as Chris’s primary goal is to earn money
from her job rather than selling land, in business, losses refer to infrequent transactions involving ancillary
items of the business.
Net Income (Net Loss)
Net income (net loss) is determined by comparing revenues and expenses. Net income is a result of revenues
(inflows) being greater than expenses (outflows). A net loss occurs when expenses (outflows) are greater than
revenues (inflows). In accounting it is common to present net income in the following format: | {"batch_upload": true, "moddate": "2020-08-05T15:26:11-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "file_type": ".pdf", "file_size_mb": 156.7, "uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "title": "Principles of Accounting, Volume 1: Financial Accounting"} |
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-0.05438849329948425
] | revenues (inflows). In accounting it is common to present net income in the following format:
Recall that revenue is the value of goods and services a business provides to its customers and increase the
value of the business. Expenses, on the other hand, are the costs of providing the goods and services and
decrease the value of the business. When revenues exceed expenses, companies have net income. This means
the business has been successful at earning revenues, containing expenses, or a combination of both. If, on
the other hand, expenses exceed revenues, companies experience a net loss. This means the business was
unsuccessful in earning adequate revenues, sufficiently containing expenses, or a combination of both. While
businesses work hard to avoid net loss situations, it is not uncommon for a company to sustain a net loss from
time-to-time. It is difficult, however, for businesses to remain viable while experiencing net losses over the
long term. | {"creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529", "file_type": ".pdf", "uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "creator": "DocBook XSL Stylesheets V1.79.1", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "file_name": "FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | time-to-time. It is difficult, however, for businesses to remain viable while experiencing net losses over the
long term.
Shown as a formula, the net income (loss) function is:
FASB notes losses represent a decrease in organizational value from activities that are “incidental or peripheral” (SFAC No. 6, p. 24) to the
4
primary purpose of the business.
70
Chapter 2 Introduction to Financial Statements
To be complete, we must also consider the impact of gains and losses. While gains and losses are infrequent in
a business, it is not uncommon that a business would present a gain and/or loss in its financial statements.
Recall that gains are similar to revenue and losses are similar to expenses. Therefore, the traditional
accounting format would be:
Shown as a formula, the net income (loss) function, including gains and losses, is:
When assessing a company’s net income, it is important to understand the source of the net income. | {"uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "file_size_mb": 156.7, "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)"} |
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] | Shown as a formula, the net income (loss) function, including gains and losses, is:
When assessing a company’s net income, it is important to understand the source of the net income.
Businesses strive to attain “high-quality” net income (earnings). High-quality earnings are based on
sustainable earnings—also called permanent earnings—while relying less on infrequent earnings—also called
temporary earnings. Recall that revenues represent the ongoing value of goods and services the business
provides (sells) to its customers, while gains are infrequent and involve items ancillary to the primary purpose
of the business. We should use caution if a business attains a significant portion of its net income as a result of
gains, rather than revenues. Likewise, net losses derived as a result of losses should be put into the proper
perspective due to the infrequent nature of losses. While net losses are undesirable for any reason, net losses | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "creationdate": "2019-04-24T10:32:54-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf"} |
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] | perspective due to the infrequent nature of losses. While net losses are undesirable for any reason, net losses
that result from expenses related to ongoing operations, rather than losses that are infrequent, are more
concerning for the business.
Statement of Owner’s Equity
Equity is a term that is often confusing but is a concept with which you are probably already familiar. In short,
equity is the value of an item that remains after considering what is owed for that item. The following example
may help illustrate the concept of equity.
When thinking about the concept of equity, it is often helpful to think about an example many families are
familiar with: purchasing a home. Suppose a family purchases a home worth $200,000. After making a down
payment of $25,000, they secure a bank loan to pay the remaining $175,000. What is the value of the family’s
equity in the home? If you answered $25,000, you are correct. At the time of the purchase, the family owns a | {"file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "total_pages": 1055, "uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "2020-08-05T15:26:11-05:00", "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529"} |
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] | equity in the home? If you answered $25,000, you are correct. At the time of the purchase, the family owns a
home worth $200,000 (an asset), but they owe $175,000 (a liability), so the equity or net worth in the home is
$25,000.
The statement of owner’s equity, which is the second financial statement created by accountants, is a
statement that shows how the equity (or value) of the organization has changed over time. Similar to the
income statement, the statement of owner’s equity is for a specific period of time, typically one year. Recall that
another way to think about equity is net worth, or value. So, the statement of owner’s equity is a financial
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 2 Introduction to Financial Statements
71
statement that shows how the net worth, or value, of the business has changed for a given period of time. | {"file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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statement that shows how the net worth, or value, of the business has changed for a given period of time.
The elements of the financial statements shown on the statement of owner’s equity include investments by
owners as well as distributions to owners. Investments by owners and distributions to owners are two activities
that impact the value of the organization (increase and decrease, respectively). In addition, net income or net
loss affects the value of the organization (net income increases the value of the organization, and net loss
decreases it). Net income (or net loss) is also shown on the statement of owner’s equity; this is an example of
how the statements are interrelated. Note that the word owner’s (singular for a sole owner) changes to owners’
(plural, for a group of owners) when preparing this statement for an entity with multiple owners versus a sole
proprietorship. | {"uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10:32:54-05:00", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "file_size_mb": 156.7, "total_pages": 1055} |
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] | (plural, for a group of owners) when preparing this statement for an entity with multiple owners versus a sole
proprietorship.
In our example, to make it less complicated, we started with the first month of operations for Chris’s
Landscaping. In the first month of operations, the owner’s equity total begins the month of August 2020, at $0,
since there have been no transactions. During the month, the business received revenue of $1,400 and
incurred expenses of $1,150, for net income of $250. Since Chris did not contribute any investment or make
any withdrawals, other than the $1,150 for expenses, the ending balance in the owner’s equity account on
August 31, 2020, would be $250, the net income earned.
At this stage, it’s important to point out that we are working with a sole proprietorship to help simplify the
examples. We have addressed the owner’s value in the firm as capital or owner’s equity. However, later we | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "file_type": ".pdf", "batch_upload": true} |
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] | examples. We have addressed the owner’s value in the firm as capital or owner’s equity. However, later we
switch the structure of the business to a corporation, and instead of owner’s equity we begin using
stockholder’s equity, which includes account titles such as common stock and retained earnings to represent the
owners’ interests.
The corporate treatment is more complicated because corporations may have a few owners up to potentially
thousands of owners (stockholders). More detail on this issue is provided in Define, Explain, and Provide
Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and
Expenses.
Investments by Owners
Generally, there are two ways by which organizations become more valuable: profitable operations (when
revenues exceed expenses) and investments by owners. Organizations often have long-term goals or projects | {"uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_name": "FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | revenues exceed expenses) and investments by owners. Organizations often have long-term goals or projects
that are very expensive (for example, building a new manufacturing facility or purchasing another company).
While having profitable operations is a viable way to “fund” these goals and projects, organizations often want
to undertake these projects in a quicker time frame. Selling ownership is one way to quickly obtain the funding
necessary for these goals. Investments by owners represent an exchange of cash or other assets for which
the investor is given an ownership interest in the organization. This is a mutually beneficial arrangement: the
organization gets the funding it needs on a timely basis, and the investor gets an ownership interest in the
organization.
72
Chapter 2 Introduction to Financial Statements
When organizations generate funding by selling ownership, the ownership interest usually takes the form of | {"upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "file_name": "FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | organization.
72
Chapter 2 Introduction to Financial Statements
When organizations generate funding by selling ownership, the ownership interest usually takes the form of
common stock, which is the corporation’s primary class of stock issued, with each share representing a partial
claim to ownership or a share of the company’s business. When the organization issues common stock for the
first time, it is called an initial public offering (IPO). In Corporation Accounting, you learn more about the
specifics of this type of accounting. Once a company issues (or sells) common stock after an IPO, we describe
the company as a publicly traded company, which simply means the company’s stock can be purchased by
the general public on a public exchange like the New York Stock Exchange (NYSE). That is, investors can
become owners of the particular company. Companies that issue publicly traded common shares in the United | {"batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "file_name": "FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "total_pages": 1055, "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7} |
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States are regulated by the Securities and Exchange Commission (SEC), a federal regulatory agency that,
among other responsibilities, is charged with oversight of financial investments such as common stock.
C O N C E P T S I N P R A C T I C E
Roku Goes Public
On September 1, 2017, Roku, Inc. filed a Form S-1 with the Securities and Exchange Commission (SEC).[5]
In this form, Roku disclosed its intention to become a publicly traded company, meaning its stock will
trade (sell) on public stock exchanges, allowing individual and institutional investors an opportunity to
own a portion (shares) of the company. The Form S-1 included detailed financial and nonfinancial
information about the company. The information from Roku also included the purpose of the offering as | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00", "file_size_mb": 156.7, "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055} |
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] | information about the company. The information from Roku also included the purpose of the offering as
well as the intended uses of the funds. Here is a portion of the disclosure: “The principal purposes of this
offering are to increase our capitalization and financial flexibility and create a public market for our Class
A common stock. We intend to use the net proceeds we receive from this offering primarily for general
corporate purposes, including working capital . . . research and development, business development,
sales and marketing activities and capital expenditures.”[6]
On September 28, 2017, Roku “went public” and exceeded expectations. Prior to the IPO, Roku estimated
it would sell between $12 and $14 per share, raising over $117 million for the company. The closing price
per share on September 28 was $23.50, nearly doubling initial expectations for the share value.[7]
Distributions to Owners | {"upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "total_pages": 1055, "file_name": "FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1"} |
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0.035366278141736984,
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0.01797073520720005,
0.06375882774591446
] | Distributions to Owners
There are basically two ways in which organizations become less valuable in terms of owners’ equity: from
unprofitable operations (when expenses or losses exceed revenues or gains) and by distributions to owners.
Owners (investors) of an organization want to see their investment appreciate (gain) in value. Over time,
owners of common stock can see the value of the stock increase in value—the share price increases—due to
the success of the organization. Organizations may also make distributions to owners, which are periodic
rewards issued to the owners in the form of cash or other assets. Distributions to owners represent some of
the value (equity) of the organization.
Roku, Inc. “Form S-1 Filing with the Securities and Exchange Commission.” September 1, 2017. https://www.sec.gov/Archives/edgar/data/
Roku, Inc. “Form S-1 Filing with the Securities and Exchange Commission.” September 1, 2017. https://www.sec.gov/Archives/edgar/data/ | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "batch_upload": true, "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529", "file_name": "FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1"} |
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] | Roku, Inc. “Form S-1 Filing with the Securities and Exchange Commission.” September 1, 2017. https://www.sec.gov/Archives/edgar/data/
5
1428439/000119312517275689/d403225ds1.htm
6
1428439/000119312517275689/d403225ds1.htm
7
Roku, Inc. Data. https://finance.yahoo.com/quote/ROKU/history?p=ROKU
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 2 Introduction to Financial Statements
73
For investors who hold common stock in the organization, these periodic payments or distributions to owners
are called dividends. For sole proprietorships, distributions to owners are withdrawals or drawings. From the
organization’s perspective, dividends represent a portion of the net worth (equity) of the organization that is
returned to owners as a reward for their investment. While issuing dividends does, in fact, reduce the
organization’s assets, some argue that paying dividends increases the organization’s long-term value by | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "file_size_mb": 156.7, "creationdate": "2019-04-24T10:32:54-05:00", "file_name": "FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "file_type": ".pdf"} |
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] | organization’s assets, some argue that paying dividends increases the organization’s long-term value by
making the stock more desirable. (Note that this topic falls under the category of “dividend policy” and there
is a significant stream of research addressing this.)
Balance Sheet
Once the statement of owner’s equity is completed, accountants typically complete the balance sheet, a
statement that lists what the organization owns (assets), what it owes (liabilities), and what it is worth (equity)
on a specific date. Notice the change in timing of the report. The income statement and statement of owner’s
equity report the financial performance and equity change for a period of time. The balance sheet, however,
lists the financial position at the close of business on a specific date. (Refer to Figure 2.2 for the balance sheet
as of August 31, 2020, for Chris’ Landscaping.)
Figure 2.2 | {"upload_timestamp": "2026-02-07T07:23:08.167529", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "batch_upload": true, "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1"} |
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] | lists the financial position at the close of business on a specific date. (Refer to Figure 2.2 for the balance sheet
as of August 31, 2020, for Chris’ Landscaping.)
Figure 2.2
“Balance Sheet for Chris’ Landscaping.” (attribution: Copyright, Rice University, OpenStax, under
CC BY-NC-SA 4.0 license)
Assets
If you recall our previous example involving Chris and her newly established landscaping business, you are
probably already familiar with the term asset[8]—these are resources used to generate revenue. In Chris’s
business, to keep the example relatively simple, the business ended the month with one asset, cash, assuming
that the insurance was for one month’s coverage.
However, as organizations become more complex, they often have dozens or more types of assets. An asset
can be categorized as a short-term asset or current asset (which is typically used up, sold, or converted to | {"file_name": "FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "batch_upload": true, "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_size_mb": 156.7} |
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] | can be categorized as a short-term asset or current asset (which is typically used up, sold, or converted to
cash in one year or less) or as a long-term asset or noncurrent asset (which is not expected to be converted
into cash or used up within one year). Long-term assets are often used in the production of products and
services.
Examples of short-term assets that businesses own include cash, accounts receivable, and inventory, while
examples of long-term assets include land, machinery, office furniture, buildings, and vehicles. Several of the
chapters that you will study are dedicated to an in-depth coverage of the special characteristics of selected
The FASB defines assets as “probable future economic benefits obtained or controlled by a particular entity as a result of past transactions
8
or events” (SFAC No. 6, p. 12).
74
Chapter 2 Introduction to Financial Statements | {"uploaded_via": "batch_uploader", "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1", "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00"} |
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] | 8
or events” (SFAC No. 6, p. 12).
74
Chapter 2 Introduction to Financial Statements
assets. Examples include Merchandising Transactions, which are typically short term, and Long-Term Assets,
which are typically long term.
An asset can also be categorized as a tangible asset or an intangible asset. Tangible assets have a physical
nature, such as trucks or many inventory items, while intangible assets have value but often lack a physical
existence or corpus, such as insurance policies or trademarks.
Liabilities
You are also probably already familiar with the term liability[9]—these are amounts owed to others (called
creditors). A liability can also be categorized as a short-term liability (or current liability) or a long-term
liability (or noncurrent liability), similar to the treatment accorded assets. Short-term liabilities are typically
expected to be paid within one year or less, while long-term liabilities are typically expected to be due for | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1", "file_type": ".pdf", "batch_upload": true} |
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] | expected to be paid within one year or less, while long-term liabilities are typically expected to be due for
payment more than one year past the current balance sheet date.
Common short-term liabilities or amounts owed by businesses include amounts owed for items purchased on
credit (also called accounts payable), taxes, wages, and other business costs that will be paid in the future.
Long-term liabilities can include such liabilities as long-term notes payable, mortgages payable, or bonds
payable.
Equity
In the Statement of Owner’s Equity discussion, you learned that equity (or net assets) refers to book value or
net worth. In our example, Chris’s Landscaping, we determined that Chris had $250 worth of equity in her
company at the end of the first month (see Figure 2.2).
At any point in time it is important for stakeholders to know the financial position of a business. Stated | {"creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529", "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "file_size_mb": 156.7} |
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] | company at the end of the first month (see Figure 2.2).
At any point in time it is important for stakeholders to know the financial position of a business. Stated
differently, it is important for employees, managers, and other interested parties to understand what a
business owns, owes, and is worth at any given point. This provides stakeholders with valuable financial
information to make decisions related to the business.
Statement of Cash Flows
The fourth and final financial statement prepared is the statement of cash flows, which is a statement that
lists the cash inflows and cash outflows for the business for a period of time. At first glance, this may seem like
a redundant financial statement. We know the income statement also reports the inflows and outflows for the
business for a period of time. In addition, the statement of owner’s equity and the balance sheet help to show | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9"} |
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] | business for a period of time. In addition, the statement of owner’s equity and the balance sheet help to show
the other activities, such as investments by and distributions to owners that are not included in the income
statement. To understand why the statement of cash flows is necessary, we must first understand the two
bases of accounting used to prepare the financial statements. The changes in cash within this statement are
often referred to as sources and uses of cash. A source of cash lets one see where cash is coming from. For
example, is cash being generated from sales to customers, or is the cash a result of an advance in a large loan.
Use of cash looks at what cash is being used for. Is cash being used to make an interest payment on a loan, or
is cash being used to purchase a large piece of machinery that will expand business capacity? The two bases of
accounting are the cash basis and the accrual basis, briefly introduced in Describe the Income Statement, | {"file_type": ".pdf", "uploaded_via": "batch_uploader", "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | accounting are the cash basis and the accrual basis, briefly introduced in Describe the Income Statement,
Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate.
The FASB defines liabilities as “probable future sacrifices of economic benefits arising from present obligations of a particular entity to
9
transfer assets or provide services to other entities in the future as a result of past transactions or events” (SFAC No. 6, p. 13).
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 2 Introduction to Financial Statements
75
Under cash basis accounting, transactions (i.e., a sale or a purchase) are not recorded in the financial
statements until there is an exchange of cash. This type of accounting is permitted for nonprofit entities and
small businesses that elect to use this type of accounting. Under accrual basis accounting, transactions are | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "file_size_mb": 156.7, "creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_uploader", "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055} |
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] | small businesses that elect to use this type of accounting. Under accrual basis accounting, transactions are
generally recorded in the financial statement when the transactions occur, and not when paid, although in
some situations the two events could happen on the same day.
An example of the two methods (cash versus accrual accounting) would probably help clarify their differences.
Assume that a mechanic performs a tune-up on a client’s car on May 29, and the customer picks up her car
and pays the mechanic $100 on June 2. If the mechanic were using the cash method, the revenue would be
recognized on June 2, the date of payment, and any expenses would be recognized when paid.
If the accrual method were used, the mechanic would recognize the revenue and any related expenses on May
29, the day the work was completed. The accrual method will be the basis for your studies here (except for our | {"file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "batch_upload": true, "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_name": "FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creator": "DocBook XSL Stylesheets V1.79.1", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader"} |
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] | 29, the day the work was completed. The accrual method will be the basis for your studies here (except for our
coverage of the cash flow statement in Statement of Cash Flows). The accrual method is also discussed in
greater detail in Explain the Steps within the Accounting Cycle through the Unadjusted Trial Balance.
While the cash basis of accounting is suited well and is more efficient for small businesses and certain types of
businesses, such as farming, and those without inventory, like lawyers and doctors, the accrual basis of
accounting is theoretically preferable to the cash basis of accounting. Accrual accounting is advantageous
because it distinguishes between the timing of the transactions (when goods and services are provided) and
when the cash involved in the transactions is exchanged (which can be a significant amount of time after the
initial transaction). This allows accountants to provide, in a timely manner, relevant and complete information | {"file_name": "FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "file_type": ".pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "uploaded_via": "batch_uploader"} |
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] | initial transaction). This allows accountants to provide, in a timely manner, relevant and complete information
to stakeholders. The Adjustment Process explores several common techniques involved in accrual accounting.
Two brief examples may help illustrate the difference between cash accounting and accrual accounting.
Assume that a business sells $200 worth of merchandise. In some businesses, there are two ways the
customers pay: cash and credit (also referred to as “on account”). Cash sales include checks and credit cards
and are paid at the time of the sale. Credit sales (not to be confused with credit card sales) allow the customer
to take the merchandise but pay within a specified period of time, usually up to forty-five days.
A cash sale would be recorded in the financial statements under both the cash basis and accrual basis of
accounting. It makes sense because the customer received the merchandise and paid the business at the | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)"} |
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] | accounting. It makes sense because the customer received the merchandise and paid the business at the
same time. It is considered two events that occur simultaneously (exchange of merchandise for cash).
Similar to the previous example for the mechanic, a credit sale, however, would be treated differently under
each of these types of accounting. Under the cash basis of accounting, a credit sale would not be recorded in
the financial statements until the cash is received, under terms stipulated by the seller. For example, assume
on April 1 a landscaping business provides $500 worth of services to one of its customers. The sale is made on
account, with the payment due forty-five days later. Under the cash basis of accounting, the revenue would
not be recorded until May 16, when the cash was received. Under the accrual basis of accounting, this sale
would be recorded in the financial statements at the time the services were provided, April 1. The reason the | {"moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)"} |
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] | would be recorded in the financial statements at the time the services were provided, April 1. The reason the
sale would be recorded is, under accrual accounting, the business reports that it provided $500 worth of
services to its customer. The fact the customers will pay later is viewed as a separate transaction under accrual
accounting (Figure 2.3).
76
Chapter 2 Introduction to Financial Statements
Figure 2.3
Credit versus Cash. On the left is a credit sale recorded under the cash basis of accounting. On
the right the same credit sale is recorded under the accrual basis of accounting. (attribution: Copyright Rice
University, OpenStax, under CC BY-NC-SA 4.0 license)
Let’s now explore the difference between the cash basis and accrual basis of accounting using an expense.
Assume a business purchases $160 worth of printing supplies from a supplier (vendor). Similar to a sale, a | {"uploaded_via": "batch_uploader", "file_name": "FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:26:11-05:00", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "creator": "DocBook XSL Stylesheets V1.79.1"} |
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] | Assume a business purchases $160 worth of printing supplies from a supplier (vendor). Similar to a sale, a
purchase of merchandise can be paid for at the time of sale using cash (also a check or credit card) or at a later
date (on account). A purchase paid with cash at the time of the sale would be recorded in the financial
statements under both cash basis and accrual basis of accounting. It makes sense because the business
received the printing supplies from the supplier and paid the supplier at the same time. It is considered two
events that occur simultaneously (exchange of merchandise for cash).
If the purchase was made on account (also called a credit purchase), however, the transaction would be
recorded differently under each of these types of accounting. Under the cash basis of accounting, the $160
purchase on account would not be recorded in the financial statements until the cash is paid, as stipulated by | {"creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "total_pages": 1055, "file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting"} |
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] | purchase on account would not be recorded in the financial statements until the cash is paid, as stipulated by
the seller’s terms. For example, if the printing supplies were received on July 17 and the payment terms were
fifteen days, no transaction would be recorded until August 1, when the goods were paid for. Under the
accrual basis of accounting, this purchase would be recorded in the financial statements at the time the
business received the printing supplies from the supplier (July 17). The reason the purchase would be recorded
is that the business reports that it bought $160 worth of printing supplies from its vendors. The fact the
business will pay later is viewed as a separate issue under accrual accounting. Table 2.2 summarizes these
examples under the different bases of accounting.
Transactions by Cash Basis versus Accrual Basis of Accounting
Transaction
Under Cash Basis Accounting
Under Accrual Basis Accounting
$200 sale for cash | {"file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "2020-08-05T15:26:11-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529"} |
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] | Transactions by Cash Basis versus Accrual Basis of Accounting
Transaction
Under Cash Basis Accounting
Under Accrual Basis Accounting
$200 sale for cash
Recorded in financial statements at time
Recorded in financial statements at
of sale
time of sale
$200 sale on
Not recorded in financial statements until
Recorded in financial statements at
account
cash is received
time of sale
$160 purchase for
Recorded in financial statements at time
Recorded in financial statements at
cash
of purchase
time of purchase
Table 2.2 Businesses often sell items for cash as well as on account, where payment terms are extended for a
period of time (for example, thirty to forty-five days). Likewise, businesses often purchase items from suppliers
(also called vendors) for cash or, more likely, on account. Under the cash basis of accounting, these
transactions would not be recorded until the cash is exchanged. In contrast, under accrual accounting the | {"total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "title": "Principles of Accounting, Volume 1: Financial Accounting", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true} |
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] | transactions would not be recorded until the cash is exchanged. In contrast, under accrual accounting the
transactions are recorded when the transaction occurs, regardless of when the cash is received or paid.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 2 Introduction to Financial Statements
77
Transactions by Cash Basis versus Accrual Basis of Accounting
Transaction
Under Cash Basis Accounting
Under Accrual Basis Accounting
$160 purchase on
Not recorded in financial statements until
Recorded in financial statements at
account
cash is paid
time of purchase
Table 2.2 Businesses often sell items for cash as well as on account, where payment terms are extended for a
period of time (for example, thirty to forty-five days). Likewise, businesses often purchase items from suppliers
(also called vendors) for cash or, more likely, on account. Under the cash basis of accounting, these | {"producer": "Prince 11 (www.princexml.com)", "uploaded_via": "batch_uploader", "batch_upload": true, "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "upload_timestamp": "2026-02-07T07:23:08.167529", "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "file_size_mb": 156.7} |
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] | (also called vendors) for cash or, more likely, on account. Under the cash basis of accounting, these
transactions would not be recorded until the cash is exchanged. In contrast, under accrual accounting the
transactions are recorded when the transaction occurs, regardless of when the cash is received or paid.
Knowing the difference between the cash basis and accrual basis of accounting is necessary to understand the
need for the statement of cash flows. Stakeholders need to know the financial performance (as measured by
the income statement—that is, net income or net loss) and financial position (as measured by the balance
sheet—that is, assets, liabilities, and owners’ equity) of the business. This information is provided in the
income statement, statement of owner’s equity, and balance sheet. However, since these financial statements
are prepared using accrual accounting, stakeholders do not have a clear picture of the business’s cash | {"total_pages": 1055, "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00"} |
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] | are prepared using accrual accounting, stakeholders do not have a clear picture of the business’s cash
activities. The statement of cash flows solves this inadequacy by specifically focusing on the cash inflows and
cash outflows.
2.2 Define, Explain, and Provide Examples of Current and Noncurrent Assets,
Current and Noncurrent Liabilities, Equity, Revenues, and Expenses
In addition to what you’ve already learned about assets and liabilities, and their potential categories, there are
a couple of other points to understand about assets. Plus, given the importance of these concepts, it helps to
have an additional review of the material.
To help clarify these points, we return to our coffee shop example and now think of the coffee shop’s
assets—items the coffee shop owns or controls. Review the list of assets you created for the local coffee shop.
Did you happen to notice many of the items on your list have one thing in common: the items will be used | {"total_pages": 1055, "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "batch_upload": true, "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00"} |
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] | Did you happen to notice many of the items on your list have one thing in common: the items will be used
over a long period of time? In accounting, we classify assets based on whether or not the asset will be used or
consumed within a certain period of time, generally one year. If the asset will be used or consumed in one year
or less, we classify the asset as a current asset. If the asset will be used or consumed over more than one
year, we classify the asset as a noncurrent asset.
Another thing you might have recognized when reviewing your list of coffee shop assets is that all of the items
were something you could touch or move, each of which is known as a tangible asset. However, as you also
learned in Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of
Cash Flows, and How They Interrelate, not all assets are tangible. An asset could be an intangible asset, | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "file_type": ".pdf", "creator": "DocBook XSL Stylesheets V1.79.1"} |
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] | Cash Flows, and How They Interrelate, not all assets are tangible. An asset could be an intangible asset,
meaning the item lacks physical substance—it cannot be touched or moved. Take a moment to think about
your favorite type of shoe or a popular type of farm tractor. Would you be able to recognize the maker of that
shoe or the tractor by simply seeing the logo? Chances are you would. These are examples of intangible
assets, trademarks to be precise. A trademark has value to the organization that created (or purchased) the
trademark, and the trademark is something the organization controls—others cannot use the trademark
without permission.
78
Chapter 2 Introduction to Financial Statements
Similar to the accounting for assets, liabilities are classified based on the time frame in which the liabilities are
expected to be settled. A liability that will be settled in one year or less (generally) is classified as a current | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00"} |
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] | expected to be settled. A liability that will be settled in one year or less (generally) is classified as a current
liability, while a liability that is expected to be settled in more than one year is classified as a noncurrent
liability.
Examples of current assets include accounts receivable, which is the outstanding customer debt on a credit
sale; inventory, which is the value of products to be sold or items to be converted into sellable products; and
sometimes a notes receivable, which is the value of amounts loaned that will be received in the future with
interest, assuming that it will be paid within a year.
Examples of current liabilities include accounts payable, which is the value of goods or services purchased
that will be paid for at a later date, and notes payable, which is the value of amounts borrowed (usually not
inventory purchases) that will be paid in the future with interest. | {"batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "total_pages": 1055, "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "file_size_mb": 156.7, "upload_timestamp": "2026-02-07T07:23:08.167529", "moddate": "2020-08-05T15:26:11-05:00"} |
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] | that will be paid for at a later date, and notes payable, which is the value of amounts borrowed (usually not
inventory purchases) that will be paid in the future with interest.
Examples of noncurrent assets include notes receivable (notice notes receivable can be either current or
noncurrent), land, buildings, equipment, and vehicles. An example of a noncurrent liability is notes payable
(notice notes payable can be either current or noncurrent).
Why Does Current versus Noncurrent Matter?
At this point, let’s take a break and explore why the distinction between current and noncurrent assets and
liabilities matters. It is a good question because, on the surface, it does not seem to be important to make
such a distinction. After all, assets are things owned or controlled by the organization, and liabilities are
amounts owed by the organization; listing those amounts in the financial statements provides valuable | {"creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_type": ".pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "creationdate": "2019-04-24T10:32:54-05:00"} |
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] | amounts owed by the organization; listing those amounts in the financial statements provides valuable
information to stakeholders. But we have to dig a little deeper and remind ourselves that stakeholders are
using this information to make decisions. Providing the amounts of the assets and liabilities answers the
“what” question for stakeholders (that is, it tells stakeholders the value of assets), but it does not answer the
“when” question for stakeholders. For example, knowing that an organization has $1,000,000 worth of assets
is valuable information, but knowing that $250,000 of those assets are current and will be used or consumed
within one year is more valuable to stakeholders. Likewise, it is helpful to know the company owes $750,000
worth of liabilities, but knowing that $125,000 of those liabilities will be paid within one year is even more
valuable. In short, the timing of events is of particular interest to stakeholders.
T H I N K I T T H R O U G H
Borrowing | {"creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "file_size_mb": 156.7, "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:26:11-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "uploaded_via": "batch_uploader", "batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529"} |
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] | valuable. In short, the timing of events is of particular interest to stakeholders.
T H I N K I T T H R O U G H
Borrowing
When money is borrowed by an individual or family from a bank or other lending institution, the loan is
considered a personal or consumer loan. Typically, payments on these types of loans begin shortly after
the funds are borrowed. Student loans are a special type of consumer borrowing that has a different
structure for repayment of the debt. If you are not familiar with the special repayment arrangement for
student loans, do a brief internet search to find out when student loan payments are expected to begin.
Now, assume a college student has two loans—one for a car and one for a student loan. Assume the
person gets the flu, misses a week of work at his campus job, and does not get paid for the absence.
Which loan would the person be most concerned about paying? Why? | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "file_size_mb": 156.7, "file_name": "FinancialAccounting-OP.pdf", "total_pages": 1055, "uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79.1", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9"} |
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] | person gets the flu, misses a week of work at his campus job, and does not get paid for the absence.
Which loan would the person be most concerned about paying? Why?
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 2 Introduction to Financial Statements
79
Equity and Legal Structure
Recall that equity can also be referred to as net worth—the value of the organization. The concept of equity
does not change depending on the legal structure of the business (sole proprietorship, partnership, and
corporation). The terminology does, however, change slightly based on the type of entity. For example,
investments by owners are considered “capital” transactions for sole proprietorships and partnerships but are
considered “common stock” transactions for corporations. Likewise, distributions to owners are considered
“drawing” transactions for sole proprietorships and partnerships but are considered “dividend” transactions
for corporations. | {"uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "file_size_mb": 156.7, "batch_upload": true, "file_name": "FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9"} |
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] | “drawing” transactions for sole proprietorships and partnerships but are considered “dividend” transactions
for corporations.
As another example, in sole proprietorships and partnerships, the final amount of net income or net loss for
the business becomes “Owner(s), Capital.” In a corporation, net income or net loss for the business becomes
retained earnings, which is the cumulative, undistributed net income or net loss, less dividends paid for the
business since its inception.
The essence of these transactions remains the same: organizations become more valuable when owners make
investments in the business and the businesses earn a profit (net income), and organizations become less
valuable when owners receive distributions (dividends) from the organization and the businesses incur a loss
(net loss). Because accountants are providing information to stakeholders, it is important for accountants to | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "file_type": ".pdf", "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00"} |
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] | (net loss). Because accountants are providing information to stakeholders, it is important for accountants to
fully understand the specific terminology associated with the various legal structures of organizations.
The Accounting Equation
Recall the simple example of a home loan discussed in Describe the Income Statement, Statement of Owner’s
Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate. In that example, we assumed a
family purchased a home valued at $200,000 and made a down payment of $25,000 while financing the
remaining balance with a $175,000 bank loan. This example demonstrates one of the most important concepts
in the study of accounting: the accounting equation, which is:
In our example, the accounting equation would look like this:
$200,000 = $175,000 + $25,000
As you continue your accounting studies and you consider the different major types of business entities | {"upload_timestamp": "2026-02-07T07:23:08.167529", "file_type": ".pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7} |
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] | In our example, the accounting equation would look like this:
$200,000 = $175,000 + $25,000
As you continue your accounting studies and you consider the different major types of business entities
available (sole proprietorships, partnerships, and corporations), there is another important concept for you to
remember. This concept is that no matter which of the entity options that you choose, the accounting process
for all of them will be predicated on the accounting equation.
It may be helpful to think of the accounting equation from a “sources and claims” perspective. Under this
approach, the assets (items owned by the organization) were obtained by incurring liabilities or were provided
by owners. Stated differently, every asset has a claim against it—by creditors and/or owners.
80
Chapter 2 Introduction to Financial Statements
Y O U R T U R N
The Accounting Equation | {"producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "uploaded_via": "batch_uploader", "file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "2020-08-05T15:26:11-05:00", "file_size_mb": 156.7, "upload_timestamp": "2026-02-07T07:23:08.167529", "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | by owners. Stated differently, every asset has a claim against it—by creditors and/or owners.
80
Chapter 2 Introduction to Financial Statements
Y O U R T U R N
The Accounting Equation
On a sheet of paper, use three columns to create your own accounting equation. In the first column, list
all of the things you own (assets). In the second column, list any amounts owed (liabilities). In the third
column, using the accounting equation, calculate, you guessed it, the net amount of the asset (equity).
When finished, total the columns to determine your net worth. Hint: do not forget to subtract the liability
from the value of the asset.
Here is something else to consider: is it possible to have negative equity? It sure is . . . ask any college
student who has taken out loans. At first glance there is no asset directly associated with the amount of
the loan. But is that, in fact, the case? You might ask yourself why make an investment in a college | {"file_name": "FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "total_pages": 1055, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "file_type": ".pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true} |
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] | the loan. But is that, in fact, the case? You might ask yourself why make an investment in a college
education—what is the benefit (asset) to going to college? The answer lies in the difference in lifetime
earnings with a college degree versus without a college degree. This is influenced by many things,
including the supply and demand of jobs and employees. It is also influenced by the earnings for the
type of college degree pursued. (Where do you think accounting ranks?)
Solution
Answers will vary but may include vehicles, clothing, electronics (include cell phones and computer/
gaming systems, and sports equipment). They may also include money owed on these assets, most likely
vehicles and perhaps cell phones. In the case of a student loan, there may be a liability with no
corresponding asset (yet). Responses should be able to evaluate the benefit of investing in college is the
wage differential between earnings with and without a college degree. | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "producer": "Prince 11 (www.princexml.com)", "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | corresponding asset (yet). Responses should be able to evaluate the benefit of investing in college is the
wage differential between earnings with and without a college degree.
Expanding the Accounting Equation
Let’s continue our exploration of the accounting equation, focusing on the equity component, in particular.
Recall that we defined equity as the net worth of an organization. It is helpful to also think of net worth as the
value of the organization. Recall, too, that revenues (inflows as a result of providing goods and services)
increase the value of the organization. So, every dollar of revenue an organization generates increases the
overall value of the organization.
Likewise, expenses (outflows as a result of generating revenue) decrease the value of the organization. So,
each dollar of expenses an organization incurs decreases the overall value of the organization. The same
approach can be taken with the other elements of the financial statements: | {"creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10:32:54-05:00", "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting"} |
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] | each dollar of expenses an organization incurs decreases the overall value of the organization. The same
approach can be taken with the other elements of the financial statements:
• Gains increase the value (equity) of the organization.
• Losses decrease the value (equity) of the organization.
•
Investments by owners increase the value (equity) of the organization.
• Distributions to owners decrease the value (equity) of the organization.
• Changes in assets and liabilities can either increase or decrease the value (equity) of the organization
depending on the net result of the transaction.
A graphical representation of this concept is shown in Figure 2.4.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 2 Introduction to Financial Statements
81
Figure 2.4 Graphical Representation of the Accounting Equation. Both assets and liabilities are categorized | {"file_type": ".pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "title": "Principles of Accounting, Volume 1: Financial Accounting", "uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | 81
Figure 2.4 Graphical Representation of the Accounting Equation. Both assets and liabilities are categorized
as current and noncurrent. Also highlighted are the various activities that affect the equity (or net worth) of
the business. (attribution: Copyright Rice University, OpenStax, under CC BY-NC-SA 4.0 license)
The format of this illustration is also intended to introduce you to a concept you will learn more about in your
study of accounting. Notice each account subcategory (Current Assets and Noncurrent Assets, for example)
has an “increase” side and a “decrease” side. These are called T-accounts and will be used to analyze
transactions, which is the beginning of the accounting process. See Analyzing and Recording Transactions for
a more comprehensive discussion of analyzing transactions and T-Accounts.
Not All Transactions Affect Equity
As you continue to develop your understanding of accounting, you will encounter many types of transactions | {"batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_name": "FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "creationdate": "2019-04-24T10:32:54-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "file_type": ".pdf", "uploaded_via": "batch_uploader"} |
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] | Not All Transactions Affect Equity
As you continue to develop your understanding of accounting, you will encounter many types of transactions
involving different elements of the financial statements. The previous examples highlighted elements that
change the equity of an organization. Not all transactions, however, ultimately impact equity. For example, the
following do not impact the equity or net worth of the organization:[10]
• Exchanges of assets for assets
• Exchanges of liabilities for liabilities
• Acquisitions of assets by incurring liabilities
• Settlements of liabilities by transferring assets
It is important to understand the inseparable connection between the elements of the financial statements
and the possible impact on organizational equity (value). We explore this connection in greater detail as we
return to the financial statements.
2.3 Prepare an Income Statement, Statement of Owner’s Equity, and Balance
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] | return to the financial statements.
2.3 Prepare an Income Statement, Statement of Owner’s Equity, and Balance
Sheet
One of the key factors for success for those beginning the study of accounting is to understand how the
elements of the financial statements relate to each of the financial statements. That is, once the transactions
are categorized into the elements, knowing what to do next is vital. This is the beginning of the process to
create the financial statements. It is important to note that financial statements are discussed in the order in
which the statements are presented.
10
SFAC No. 6, p. 20.
82
Chapter 2 Introduction to Financial Statements
Elements of the Financial Statements
When thinking of the relationship between the elements and the financial statements, we might think of a
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] | baking analogy: the elements represent the ingredients, and the financial statements represent the finished
product. As with baking a cake (see Figure 2.5), knowing the ingredients (elements) and how each ingredient
relates to the final product (financial statements) is vital to the study of accounting.
Figure 2.5
Baking requires an understanding of the different ingredients, how the ingredients are used, and
how the ingredients will impact the final product (a). If used correctly, the final product will be beautiful and,
more importantly, delicious, like the cake shown in (b). In a similar manner, the study of accounting requires
an understanding of how the accounting elements relate to the final product—the financial statements. (credit
(a): modification of “U.S. Navy Culinary Specialist Seaman Robert Fritschie mixes cake batter aboard the
amphibious command ship USS Blue Ridge (LCC 19) Aug. 7, 2013, while underway in the Solomon Sea | {"batch_upload": true, "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "file_name": "FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00"} |
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] | amphibious command ship USS Blue Ridge (LCC 19) Aug. 7, 2013, while underway in the Solomon Sea
130807-N-NN332-044” by MC3 Jarred Harral/Wikimedia Commons, Public Domain; credit (b): modification of
“Easter Cake with Colorful Topping” by Kaboompics .com/Pexels, CC0)
To help accountants prepare and users better understand financial statements, the profession has outlined
what is referred to as elements of the financial statements, which are those categories or accounts that
accountants use to record transactions and prepare financial statements. There are ten elements of the
financial statements, and we have already discussed most of them.
• Revenue—value of goods and services the organization sold or provided.
• Expenses—costs of providing the goods or services for which the organization earns revenue.
• Gains—gains are similar to revenue but relate to “incidental or peripheral” activities of the organization. | {"batch_upload": true, "moddate": "2020-08-05T15:26:11-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financial Accounting", "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_name": "FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "file_type": ".pdf", "file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9"} |
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] | • Gains—gains are similar to revenue but relate to “incidental or peripheral” activities of the organization.
• Losses—losses are similar to expenses but related to “incidental or peripheral” activities of the
organization.
• Assets—items the organization owns, controls, or has a claim to.
• Liabilities—amounts the organization owes to others (also called creditors).
• Equity—the net worth (or net assets) of the organization.
•
Investment by owners—cash or other assets provided to the organization in exchange for an ownership
interest.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 2 Introduction to Financial Statements
83
• Distribution to owners—cash, other assets, or ownership interest (equity) provided to owners.
• Comprehensive income—defined as the “change in equity of a business enterprise during a period from
transactions and other events and circumstances from nonowner sources” (SFAC No. 6, p. 21). While | {"file_size_mb": 156.7, "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_type": ".pdf", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)"} |
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