Prior to beginning work on this assignment, watch the video Introduction to Financial Statements (Links to an external site.). This video covers an overview of the four financial statements.

Create an assignment focused on level of comfort with three important financial statements:

• The income and expense report
• The balance sheet
• The statement of cash flows

The reflective evaluation is the foundation for creating a plan to increase knowledge of these three statements.

Do the following:

• Consider and reflect on knowledge gained in the work environment.
• Consider and reflect on knowledge gained in prior classes.
• Execute the Chapter 8 Mini Sim on accounting and accounting information through the link, MyLab Entrepreneurship All Assignments. Click on “Week 4 – Assignment” to complete the Chapter 8 Mini Sim in MyLab.

In your paper,

• Evaluate your level of comfort with the three foundation financial statements:
  • The income and expense report
  • The balance sheet
  • The statement of cash flows
• Frame your evaluation with knowledge gained in the work environment and in prior classes.
• Evaluate your level of comfort with three important financial statements:
  • The income and expense report.
  • The balance sheet.
  • The statement of cash flows.
• Illustrate the relationship of the elements of all income and expense report entries offered as part of the simulation.
• Illustrate the steps needed to discuss a pro forma income and expense statement with a potential investor.
• Interpret the meaning of the balance sheet entries offered as part of the simulation.
• Identify the principles and steps needed to discuss a pro forma balance sheet with a potential investor.
• Describe the role of statement of cashflows entries offered as part of the simulation.
• Summarize the principles and steps needed to discuss a pro forma statement of cashflows with a potential investor.

Next, do the following:

Evaluate your level of comfort with the three foundation financial statements: (a) the income and expense report, (b) the balance sheet, and (c) the statement of cash flows. Frame your evaluation with knowledge gained in the work environment and in prior classes. Within your evaluation, consider the following:

• Evaluate the level of comfort with three important financial statements: (a) the income and expense report, (b) the balance sheet, and (c) the statement of cash flows.
• Illustrate the foundation principles of all income and expense report entries offered as part of the simulation. What knowledge was needed to discuss a pro forma income and expense statement with a potential investor?
• Define the purpose of balance sheet entries offered as part of the simulation.
• Identify the principles and steps needed to discuss a pro forma balance sheet with a potential investor.
• Define the role of statement of cashflows entries offered as part of the simulation.
• Define the principles and steps needed to discuss a pro forma statement of cashflows with a potential investor.

The Financial Concepts Evaluation paper

Carefully review the Grading Rubric (Links to an external site.) for the criteria that will be used to evaluate your assignment.

Link: