{"id":551,"date":"2015-04-21T22:52:17","date_gmt":"2015-04-21T22:52:17","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterybusiness1xngcxmaster\/?post_type=chapter&#038;p=551"},"modified":"2015-07-15T06:04:50","modified_gmt":"2015-07-15T06:04:50","slug":"key-financial-statements","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/chapter\/key-financial-statements\/","title":{"raw":"Outcome: Key Financial Statements","rendered":"Outcome: Key Financial Statements"},"content":{"raw":"<h2>What you\u2019ll learn to do: identify three key financial statements, the components of each statement, and their primary uses<\/h2>\r\nIn order to effectively communicate the financial information about a business, accounting relies upon three key financial statements. Each of the statements contains unique but interconnected information that, taken together, creates a picture of the financial health of the organization. In this section you will learn about the Balance Sheet, Income Statement, and Statement of Owner's Equity. By examining the components of each you will see the connections\u00a0between\u00a0the statements and be able to use this information to conduct a break-even analysis (which will help you determine the point at which\u00a0your business becomes profitable).\r\n<h3>LEARNING ACTIVITIES<\/h3>\r\nThe learning activities for this section include:\r\n<ul>\r\n\t<li>Video: Financial Statements:\u00a0An Introduction<\/li>\r\n\t<li>Reading: Understanding Financial Statements<\/li>\r\n\t<li>Video: Financial Statements:\u00a0Interconnectivity<\/li>\r\n\t<li>Self Check: Key Financial Statements<\/li>\r\n<\/ul>\r\nTake time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.","rendered":"<h2>What you\u2019ll learn to do: identify three key financial statements, the components of each statement, and their primary uses<\/h2>\n<p>In order to effectively communicate the financial information about a business, accounting relies upon three key financial statements. Each of the statements contains unique but interconnected information that, taken together, creates a picture of the financial health of the organization. In this section you will learn about the Balance Sheet, Income Statement, and Statement of Owner&#8217;s Equity. By examining the components of each you will see the connections\u00a0between\u00a0the statements and be able to use this information to conduct a break-even analysis (which will help you determine the point at which\u00a0your business becomes profitable).<\/p>\n<h3>LEARNING ACTIVITIES<\/h3>\n<p>The learning activities for this section include:<\/p>\n<ul>\n<li>Video: Financial Statements:\u00a0An Introduction<\/li>\n<li>Reading: Understanding Financial Statements<\/li>\n<li>Video: Financial Statements:\u00a0Interconnectivity<\/li>\n<li>Self Check: Key Financial Statements<\/li>\n<\/ul>\n<p>Take time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.<\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-551\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li><strong>Authored by<\/strong>: Linda Williams and Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":78,"menu_order":5,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"\",\"author\":\"Linda Williams and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"c186f142-2786-4357-a4a2-d24e0ff68e77","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-551","chapter","type-chapter","status-publish","hentry"],"part":94,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/chapters\/551","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/wp\/v2\/users\/78"}],"version-history":[{"count":17,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/chapters\/551\/revisions"}],"predecessor-version":[{"id":5405,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/chapters\/551\/revisions\/5405"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/parts\/94"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/chapters\/551\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/wp\/v2\/media?parent=551"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/chapter-type?post=551"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/wp\/v2\/contributor?post=551"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/wp\/v2\/license?post=551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}