FINANCIAL STATEMENTS

Definition: A current account deficit occurs when a country’s imports of goods, services, and capital exceed its exports. In other words, the country is borrowing more money from the rest of the world than it is lending. Causes: Consequences: Examples: Note: Current account deficits can be managed through various measures, such as increasing exports, reducing […]

Definition: Revenue is the total amount of money generated by a company’s operations during a particular accounting period. It is usually the main source of income for a company and is recorded in the company’s accounting records as an increase in assets. Key Points: Examples: Additional Notes: FAQs

Assets Liabilities Owner’s Equity Total Assets = Total Liabilities and Owner’s Equity Accounting Equation: Assets = Liabilities + Owner’s Equity Notes: FAQs

“`pythonimport pandas as pd Assuming you have a pandas DataFrame called ‘df’ Get the current month and date pd.to_datetime(pd.Timestamp.now()).month MTD (Month-Till-Date) till the current date mtd_till_date = df.groupby(‘month’).apply(lambda g: g.loc[g.index.min():])“` Explanation: pd.to_datetime(pd.Timestamp.now()).month: This line gets the current month as an integer. df.groupby(‘month’).apply(lambda g: g.loc[g.index.min():]): This line groups the DataFrame ‘df’ by the ‘month’ column and […]

A cash flow statement is a financial statement that summarizes the cash inflows and outflows of a company over a particular period. It is used to provide information about a company’s liquidity and cash-generating ability. Components of a Cash Flow Statement: Cash generated from operating activities: This includes cash received from customers, cash paid to […]

Definition: Inventory is a list of goods or products that are on hand at a particular point in time. It is a vital part of a company’s operations, as it affects its ability to meet customer demand, manage costs, and maintain profitability. Key Components of Inventory: Types of Inventory: Inventory Management: The process of managing […]

Definition: Impaired assets are assets that have been damaged, deteriorated, or become unusable in their intended use. These assets are usually recorded at their reduced fair value, with the decline in value being recorded as an impairment loss. Causes of Impairment: Physical damage or deterioration Changes in market conditions Technological obsolescence Obsolete or redundant technology […]

Income Statement For the Year Ended [Date] Revenue:[List of revenue items]Total Revenue Cost of Goods Sold:[List of cost of goods sold items]Total Cost of Goods Sold Gross Profit:Total Revenue – Total Cost of Goods Sold Operating Expenses:[List of operating expense items]Total Operating Expenses Income Before Taxes:Gross Profit – Total Operating Expenses Income Taxes:[List of income […]

Current liabilities are short-term obligations that a company owes to its creditors or other creditors. Current liabilities include accounts payable, short-term loans, accrued expenses, and current portion of long-term debt. Current liabilities are important because they are used to generate revenue and to help the company maintain its liquidity. Accounts payable are amounts due to […]

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