Summarize financial information and reports to monitor business performance and support decision making.
Summary should
- consider data collected and efficiency factors
- income statements
- balance sheets
- cash flow statements
- inventory reports
- break-even analysis
- return-on-investment (ROI)
- taxes
- income
- property
- sales
- employment
- estate
- observe efficiency factors attained, profit-and-loss (P&L) statements, partial budgets, and other financial assessments
- evaluate efficiency, profitability, net worth, and financial ratios.
Process/Skill Questions:
- What types of decisions might be made based on SAE records?
- What are some examples of other records that SAE would keep?
- How can accurate records prevent one from making rash financial decisions?
- How can SAE records help improve recordkeeping in the future?
- When should one evaluate SAE records?
- What are some examples of efficiency factors that would affect the records?
- What financial assessments should be observed when conducting a record analysis?
- What are depreciable assets? How is depreciation calculated?
- What is net worth? How is net worth calculated?
- What information is needed before net worth can be determined?
- What is a P&L statement?
- What should be included in a P&L statement?