A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders'…

Question: The third financial statement is the balance sheet. If a decision maker studies a company’s balance…

Question: The second financial statement is known as the statement of retained earnings1.The term retained earnings has not…

Question: Previously, the term “asset” was defined as a future economic benefit owned or controlled by a reporting…

Question: The revenues, expenses, assets, and liabilities reported by an organization provide data that are essential for decision making. The…

There are several steps required to build a three statement model, including: Input the historical…

What is a 3 statement model? A 3 statement model links the income statement, balance…

What is a financial model? A financial model is simply a tool that’s built in…

Definition:  Financial reporting refers to the communication of financial information, like financial statements, to the financial…

General-purpose financial statements are issued throughout the year to aid investors and creditors in their…