statements:

One of these financial statements is the balance sheet. Ang balance sheet ay

nagpapakita ng financial status ng isang organization or business at specific period of

time, usually at the close of an accounting period. Kasama sa balance sheet ang mga

information about an organization’s assets, liabilities and owners’ or stockholders’

equity. Kagaya ng nabanggit natin kahapon, assets refer to properties or property

rights owned by the business at a given date. Halimbawa nito ay cash, receivables,

equipments, furniture, and others which you could use para mapatakbo ang negosyo.

Ang liabilities naman ay mga financial obligations ng isang business tulad ng accounts

payable, notes, payable, mga expenses, loans payable, SSS premiums payale, taxes

payable at iba. By payable, we simply mean mga bayarin o babayaran. Kasama sa

owners’ equity ang halaga ng original investment, additional investment at

withdrawals na ginawa ng may-ari.

Another kind of financial statement is the income statement. Tinatawag ding profit

and loss statement ang income statement. As the name suggests, ipinakikita ng

income statement ang summary ng kinita o ikinalugi ng isang company. Income

statements are made for a given period of time, such as a month, three months, or

one year. Ang mga elements naman ng income statement ay ang revenues, expenses,

and profit or loss. Halimbawa ng revenues ay service income, rental income, interest

income, fees income and others. Kasama naman sa expenses o gastos sa isang

company ang salaries and wages, office supplies, rent, transportation, water and

electricity, taxes and many others. Kapag mas malaki ang revenue kaysa sa expenses,

mayroong profit o kita ang kumpanya. Pero kung mas malaki ang expenses kesa

revenue, nagkaroon ng loss o lugi ang kumpanya.

Isa pang uri ng financial statement ang owner’s equity. Ipinakikita naman nito ang

pagbabago sa financial position ng kumpanya due to net income or loss.

Another statement is the statement of cash flows. This shows the sources and uses of

cash of a business for a given period of time. There are other accounts and financial

reports involved in accounting kaya kung hindi kayo accountant, makakatulong if you will hire the services of an accountant, especially if your business is growing big. We