Generally Accepted Accounting Principles
|U.S. GAAP Codification||Accounting Topics|
|Principles of Accounting, U.S. GAAP Financial Reporting Guide|
|Accounting by Topic, Accounting Terms Dictionary|
|Components of Financial Statements|
FASB Statement of Financial Accounting Concepts (SFAC) No. 5
"Recognition and Measurement in Financial Statements of Business Enterprises"
Issued: December 1984.
|Statement of Financial Accounting Concepts (SFAC) No. 5, Para. 13|
|A full set of financial statements for a period should show:
Financial position at the end of the period
Earnings (net income) for the period
Comprehensive income (total nonowner changes in equity) for the period
Cash flows during the period
Investments by and distributions to owners during the period
|Statement of Financial Accounting Concepts (SFAC) No. 5, Para. 39|
|Comprehensive income is a measure of the effects of transactions and events on an equity, including all recognized changes in equity (net assets) of the entity, except the investments by owners and distributions to owners.|
|Primary Financial Statements|
Sheet: Reports the financial position at the
end of the period.
Income Statement: Reports the results of operations for the period.
Statement of Cash Flows: Reports cash inflows and outflows during the period.
Statement of Stockholders' Equity: Reports the changes in stockholders' equity during the period.
|Components of Balance Sheet|
Assets: Represents future economic benefits.
Liabilities: Represents future economic sacrifices.
Stockholders' Equity: Represents the residual portion of the assets after subtracting liabilities.
(Stockholders' Equity = Assets - Liabilities)
Assets = Liabilities + Stockholders' Equity
of Asset Accounts
Examples of Liability Accounts
Examples of Stockholders' Equity Accounts
|Components of Income Statement|
Net Income = Revenues - Expenses
of Revenue and Gain Accounts
Examples of Expense and Loss Accounts
|Components of the Statement of Cash Flows|
Cash Flows from Operating
Cash Flows from Investing Activities
Cash Flows from Financing Activities
Examples of Cash Flows
from Operating Activities Section
Examples of Cash Flows from Investing Activities Section
Examples of Cash Flows from Financing Activities Section
|Components of the Statement of Stockholders' Equity|
Additional Paid-in Capital (Paid-in capital in excess of par value)
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