i want you to answer these questions individually, Types of Financial Statements

Question

i want you to answer these questions individually,

Types of Financial Statements #3: Cash Flow Statement Types of Financial Statements Cash Flow Statement Formula Similar to a bank statement or checkbook register Shows cash receipts and disbursements over time Cash Inflows Debit expense, credit- income, balance - difference between the two Added to Cash Outflows Inflows are: personal income, investment earnings, gifts, loans Equals Outflows are: expenses, investments, donations +/- Current Balance Priority in financial goals: first to insure the payment of current liabilities and necessities; then reducing debt; and finally for purchases and investments 13 14 Types of Financial Statements #4: Budget (pro forma) Cash Flow Cash In Operations (personal and professional earned income) Borrowing (loans) Savings & investments (passive or investment income) Gifts Estimate of fiuture spending Estimate offuture income Based on historical patterns Helps to define income and spending goals Every student should know their personal budget numbers - Cash Out Pay bills Pay loans Pay taxes Personal living expenses Investing How much does it cost you to live each month? Cash In must meet or exceed Cash Out (in financial health) Non-payment Bounced checks

Explanation / Answer

   Question 1:

1. Balance sheet, in simple terms is used to calculate what the business owns mentioned as assets and also what the business owes mentioned as liabilities and Capital serves as difference between them with specific adjustments.

2, Income statement, is used to recognize profit or loss of an organization referring to the differences between expenses and income.

3. Cash flow statement, is used to notice the level of cash inflows and outflows of an organization.

4. Budget, is used to expect what a business makes whether profit or loss.

* Reviewing these statements periodically will make useful for the preparation of tax reports and filings and hence these statements are prepared commonly for 12 months or quarterly or half yearly by the requirement of the organization.

And in dental school and personal finance same meaning of reports are indicated but benchmarks should be induced into analysis for proper judgment.

Question 2

Accounting Team, Corporate Executives and mainly the Board Of Directors in a statutory meeting will approve the budget to the interested parties like owners, shareholders, investors and some interested private companies.

Budget is mainly useful for controlling the increasing expense in a situation than drafted and controlling them. These strategies are done looking the previous years revenues and expenses and also the previous budget and modify them accordingly.

   Question 3

1. The Dashboard view feature is very useful in estimating your expenses and incomes in an overall view

2. Expenses and income are paid and received instantly.

3. The organization gets an overall view of predicted losses and profits using this software.

This is very helpful for dentists both personally and professionally who often use them by becoming masters in analyzing their files and can be used to make strategies according their own mind set of tracking them. They should personally get familiar as reported above rather than letting their accountant or financial advisor handle their information as these are simple starting with beginner's level ending with the professional level.

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.