MFBS-500 M1 Supplemental Handout 1

School: Culinary Institute of America - Course: MFBS 500 - Subject: Accounting

FINANCIAL STATEMENTS BASIC CONCEPTS Business Fundaments MFBS 500

Accounting Accounting= The Measurement of financial information of a business.

Financial Statements Financial Statements= Required external reports on the financial condition of the organization.

Required Financial Statements 1.Balance Sheet 2.Income Statement 3.Cash Flows

Ultimate Business Financial Goal •Profitability= Revenues - Expenses ▫Goal: Revenues > Expenses The Income Statement measures this goal.

+ Revenues - Expenses = Net Income

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