Statement of Cash Flows
The statement of cash flows lists a company’s cash inflows and cash outflows. It classifies the cash flows as operating, investing, or financing activities.
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25 Best Warren Buffett Quotes
Charlie Munger was an American investor, businessman, and philanthropist. He was best known for his role as the Vice Chairman of Berkshire Hathaway, and the business partner of Warren Buffett. Munger was widely respected for his wisdom in both investment strategy and life philosophy. He emphasized long-term investment and the importance of understanding the business
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Accounting for Long-Term Assets
Long-term assets are resources that have useful lives over one year. Long-term assets include land, buildings, equipment, machinery, and intangible assets.
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Accounting Cycle Example: Start to Finish
Adjusting entries are made at the end of a period to update accounts. An adjusting entry affects the income statement and balance sheet accounts. The accounting period Companies prepare financial statements for months, quarters, and years. An annual financial statement is also called an annual report. Companies can select their accounting years or fiscal years.
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Recommended Resources
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