Financial Statements

Statement of Comprehensive Income: Definition | Types | Explanation

Financial Statements

Definition: Comprehensive Income or Statement of Comprehensive Income is a financial performance statement that listed down all profit and loss and other comprehensive income of entity for the period of time. It usually prepares and presents monthly, quarterly, and annually on a comparative basis. That means if the company prepares the quarterly statement, its comparative […]

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Current Assets: Definition, Classification, Calculation, and Example

Current Assets, Financial Statements

Definition: Current Assets refer to an entity’s assets that could be converted to or used within a period of less than one year. They are the group of liquid assets that are expected to be used, consumed, or converted into cash within 12 months from reporting date. In the balance sheet, these groups of assets

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Income Statement: Definition, Types, Templates, Examples, and More

Financial Statements

Definition: The income statement is one of the five financial statements that report and present an entity’s financial transactions or performance, including revenues, expenses, net profit, or loss, and other P&L Items for a specific period of time. This is also known as the statement of financial performance because it shows how the entity financially

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Just-In-Time: History, Objective, Productions, and Purchasing

Inventories, Managerial Accounting

History of Just In Time (JIT): Just In Time, called TOYOTA Manufacturing Production System, is part of the Lean Manufacturing Production System. There is a long story before becoming the Just-In-Time that we know today. Eli Whitney first initiated the Just In Time concept in 1799, who had a large contract with the U.S. Army at

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5 Main Elements of Financial Statements: Assets, Liabilities, Equity, Revenues, Expenses

Financial Statements

Overview: Financial statements are the important reports of the entity that provide the entity’s financial information at a specific period of time to be used by many stakeholders such as management, employees, the board of directors, investors, shareholders, customers, suppliers, bankers, and other related stakeholders. These statements are prepared as the requirement of management, owners,

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What is asset? Definition, Explanation, Types, Classification, Formula, and Measurement

Financial Statements

Definition: The definition of assets refers to the resource controlled by the entity as a result of past events and expected to have future economic benefits inflow to the entity. This is what Conceptual Framework said. The company’s assets, under the Conceptual Framework, could be range from tangible to intangible and from current assets to non-current assets.

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3 Main Purposes of Financial Statements (Explained)

Financial Reporting, Financial Statements

Overview: Financial statements report the entity’s financial transactions, position, and events, for a specific period of time and they are prepared and used for many different purposes including full filing the requirement of regulators, tax authorities, shareholders, board of directors, management of the entities and many others purposes. In general, there are five types of

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