From the course: Forecasting Using Financial Statements
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The four different financial statements
From the course: Forecasting Using Financial Statements
The four different financial statements
- There are four different financial statements with which you should be familiar before you get going with forecasting. These are the balance sheet, the income statement, the statement of cash flows, and the statement of owners' equity. In this particular course, we're going to focus on the income statement and the balance sheet, but it'd be good to do an overview of all four. The balance sheet is a fundamental literature that tells you about the holdings and debts of a company. On a high-level, the balance sheet summarizes the company's assets, liabilities, and equity at a specific point in time. You'll find all three real accounts on a balance sheet, assets, liabilities, and equity. These are considered real, or permanent, because they maintain a cumulative balance over time. On the balance sheet, GAAP, also known as generally accepted accounting principles, ask that the accounts be presented in order from most liquid to least liquid, therefore, assets are generally listed first…
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