Personal finance defines all financial decisions and activities of an individual or household, including budgeting, insurance, mortgage planning, savings and retirement planning
Personal finance defines all financial decisions and activities of an individual or household, including budgeting, insurance, mortgage planning, savings and retirement planning
Personal finance defines all financial decisions and activities of an individual or household, including budgeting, insurance, mortgage planning, savings and retirement planning
Name: Steven Cyril Ferenal Subject: Financial Management 2
Year and Course: BSBA-2
Reflection Paper A balance sheet shows the financial condition of an accounting entity as of a particular date. The balance sheet consists of assets, the resources of the firm; liabilities, the debts of the firm; and stockholders’ equity, the owners’ interest in the firm. The assets are derived from two sources, creditors and owners. It helps me identify the resources and debt of firm. The balance sheet is composed of three parts namely; assets, liability and stockholders’ equity. Assets in the company are the current and non-current (long-term) this are the cash or bonds on hand that the company may claim within the year. Its very vital for it’s the heart and soul of the business to run and to payoff the debt and liabilities. In firms like where I am working, we review the financial position of the firm as a guide if the firm has earning or breakeven. Liabilities are probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events. Liabilities are usually classified as either current or long-term liabilities. Liabilities serves as the guiding tool of the firm on their payables and bonds. In my work, it symbolizes all payables and long-term payables that firm needs to pay. Stockholders’ equity is the residual ownership interest in the assets of an entity that remains after deducting its liabilities. The elements of stockholders’ equity are paid- In capital, the first type of paid-in capital account is capital stock. Two basic types of capital stock are preferred and common, common stock shares in all the stockholders’ rights and represents ownership that has voting and liquidation rights, preferred stock seldom has voting rights, Donated capital may be included in the paid-in capital. Capital is donated to the company by stockholders, creditors, or other parties, and retained earnings are the undistributed earnings of the corporation. Stockholders’ equity shows the number of dividends to be payoff to the holder. It also shows the amount needed and the ability of the firm and the growth it can reach. The next part of my reflection shows the income statement of the firm. It shows the revenue, expenses and gains and losses of the company. Sales (revenues) represent revenue from goods or services sold to customers, the cost of goods sold to produce revenue, operating expenses consist of two types: selling and administrative. Sales and expenses are two main factors that keeps the business entity running and cash flow is observed.
Noah Horwitz - Reality in The Name of God, or Divine Insistence - An Essay On Creation, Infinity, and The Ontological Implications of Kabbalah-Punctum Books (2012) PDF