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Christian Startups
12th MAY 2008
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12th MAY 2008
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Profit & Loss (Income) Statement
12th MAY 2008
Prepared annually and often monthly and quarterly as well, this is the report of the income and expense, and the results as expressed in profit or loss. This report identifies all income from product sales or other activities and reports all direct and indirect costs by category. Operating (gross) profits are listed, as are the net (before tax) profits.
Balance Sheet
12th MAY 2008
This includes the summary of assets, liabilities, and net worth of a business at the end of a monthly or yearly accounting period. A Balance Sheet includes current assets such as a cash, accounts receivables, and inventory, as well as long-term assets such as property and equipment. Liabilities that are listed as current include accounts payable and current loan amounts, as well as long-term portions of loans, mortgages, and notes.
Statement of Cash Flows
12th MAY 2008
There are several different types of Cash Flow Statements, the basic one being simply the measure of cash flowing in and out of the business. Most important from a management perspective is the operating cash flow statement that measures inflow of revenue versus outflow of expense, and does not reflect cash reserves or borrowings.
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