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  • Compare & Contrast Diagram: What Are My Two Terms?

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    The document provides a template for comparing and contrasting two accounting terms, the income statement and balance sheet. It instructs the user to list how the terms are similar, such as both being used by external users and required by law. It then asks how the terms differ, providing examples like the income statement showing net income over a year through revenues and expenses, while the balance sheet shows asset values and ownership as of a certain date. The template guides the comparison of the two financial statements in terms of purpose, content, and time period covered.

    Original Description:

    Comparing and contrasting the income statement and the balance sheet.

    Original Title

    Compare Contrast

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    The document provides a template for comparing and contrasting two accounting terms, the income statement and balance sheet. It instructs the user to list how the terms are similar, such as both being used by external users and required by law. It then asks how the terms differ, providing examples like the income statement showing net income over a year through revenues and expenses, while the balance sheet shows asset values and ownership as of a certain date. The template guides the comparison of the two financial statements in terms of purpose, content, and time period covered.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    16 views2 pages

    Compare & Contrast Diagram: What Are My Two Terms?

    Uploaded by

    kw17352
    The document provides a template for comparing and contrasting two accounting terms, the income statement and balance sheet. It instructs the user to list how the terms are similar, such as both being used by external users and required by law. It then asks how the terms differ, providing examples like the income statement showing net income over a year through revenues and expenses, while the balance sheet shows asset values and ownership as of a certain date. The template guides the comparison of the two financial statements in terms of purpose, content, and time period covered.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
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    COMPARE & CONTRAST DIAGRAM

    Directions: Please list the two terms you are comparing in the table below. Next, prepare a list of examples explaining how these two terms are similar. Finally, prepare a list of examples explaining how these two terms are different. However, first identify how you plan to contrast the terms in the middle column. For example, suggestions might be: (purpose, types, etc). Course: Bus Accounting Unit: Financial Statements Topic: Analyzing Statements

    WHAT ARE MY TWO TERMS?


    Income Statement Balance Sheet

    HOW ARE THEY SIMILAR?


    Used by external users to potential buyers

    Required by law

    Both have to balanced

    HOW ARE THEY DIFFERENT?


    INCOME STATEMENT Shows how much net income has been made Expenses , Revenue Expenses and revenue = Net income Primary revenue listed first then non- primary Shows how much there is over a year Profit or a loss With Regard To PURPOSE Chart of accounts Main equation BALANCE SHEET Shows value of assets and who has the ownership to them Assets, Liabilities, Owners equity Assets and liabilities must be equal to the owners equity Most liquid assets listed first to least liquid Cash would be first As of today shows how much money there is. Financial Position

    How its listed

    Time period

    Nicknames

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