{"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":"2019-01-05T01:42:00","modified_gmt":"2019-01-05T01:42:00","slug":"key-financial-statements","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/chapter\/key-financial-statements\/","title":{"raw":"Outcome: Key Financial Statements","rendered":"Outcome: Key Financial Statements"},"content":{"raw":"<h2>What you\u2019ll learn to do:\u00a0identify key financial statements and their components, and explain the primary use of each type of statement<\/h2>\r\nIn this section you will learn about key financial statements of accounting: the balance sheet, income statement, statement of owner's equity, and statement of cash flows. By examining the components of each you will see the connections\u00a0between\u00a0the statements and be able to use this information to help you determine the point at which\u00a0your business becomes profitable\u2014the break-even point.\r\n\r\nThe specific things you\u2019ll learn in this section include the following:\r\n<ul>\r\n \t<li>Define the accounting equation<\/li>\r\n \t<li>Identify the use and components of the balance sheet<\/li>\r\n \t<li>Identify the use and components of the income statement<\/li>\r\n \t<li>Identify the use and components of the statement of owner's equity<\/li>\r\n \t<li>Identify the use and components of the statement of cash flows<\/li>\r\n \t<li>Explain how the balance sheet, income statement, statement of owner's equity, and statement of cash flows are connected<\/li>\r\n<\/ul>\r\n<h3><\/h3>","rendered":"<h2>What you\u2019ll learn to do:\u00a0identify key financial statements and their components, and explain the primary use of each type of statement<\/h2>\n<p>In this section you will learn about key financial statements of accounting: the balance sheet, income statement, statement of owner&#8217;s equity, and statement of cash flows. By examining the components of each you will see the connections\u00a0between\u00a0the statements and be able to use this information to help you determine the point at which\u00a0your business becomes profitable\u2014the break-even point.<\/p>\n<p>The specific things you\u2019ll learn in this section include the following:<\/p>\n<ul>\n<li>Define the accounting equation<\/li>\n<li>Identify the use and components of the balance sheet<\/li>\n<li>Identify the use and components of the income statement<\/li>\n<li>Identify the use and components of the statement of owner&#8217;s equity<\/li>\n<li>Identify the use and components of the statement of cash flows<\/li>\n<li>Explain how the balance sheet, income statement, statement of owner&#8217;s equity, and statement of cash flows are connected<\/li>\n<\/ul>\n<h3><\/h3>\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>Outcome: Key Financial Statements. <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":4,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Outcome: Key Financial Statements\",\"author\":\"Linda Williams and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"","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\/wmintrobusiness\/wp-json\/pressbooks\/v2\/chapters\/551","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/wp\/v2\/users\/78"}],"version-history":[{"count":26,"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/pressbooks\/v2\/chapters\/551\/revisions"}],"predecessor-version":[{"id":10656,"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/pressbooks\/v2\/chapters\/551\/revisions\/10656"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/pressbooks\/v2\/parts\/94"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/pressbooks\/v2\/chapters\/551\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/wp\/v2\/media?parent=551"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/pressbooks\/v2\/chapter-type?post=551"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/wp\/v2\/contributor?post=551"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/wp\/v2\/license?post=551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}