Business And Finance 6 12 – This test preparation resource is designed to prepare you to pass the TEXES™ Business and Finance Certification Exam 6-12 (276). This resource provides comprehensive coverage of all areas and expertise through multiple test modules and is designed to assess real-world test conditions. Such questions will appear in this way of conducting the test if they appear in the actual test.
This course provides valuable practice with hundreds of real exam questions. It identifies the skills/knowledge assessed by each question and comments accordingly with the correct answers. Sample responses refer to responses to constructed response items. Automated scoring and analytical graphs show you where you are strong and where you need to improve. The study plan tracker feature helps you acquire skills/knowledge where you lack skills. Study Mode allows you to tailor exams by field or competency to suit your research needs. Exam history allows you to track your learning progress. TheFlashcardsdrill gives you an easy way to reinforce important scientific concepts, concepts and rules. These features are designed to enhance your learning experience and allow you to truly win TEXES™ for the first time.
Business And Finance 6 12
Exam questions in this course are scored by subject matter experts according to the current TEXES™ exam system guidelines defined by the Board of Education Certification (SBEC).
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The TExES™ Core Subjects EC-6(291) Study Guide gives you a focused and time-saving way to find the information you need to know to pass the TEXES™ Core Subjects EC-6 (291) exam. .
We recommend combining the electronic test with a study guide to help you familiarize yourself with the types of questions you will encounter on the TExES™ test. By using the study guide to review the areas and skills on the knowledge test and taking the electronic assessment, you can focus on the specific skills you need to develop before taking the test.
To increase your chances of success in this important step to your Texas school teaching career, study guide:
It lists sample questions in the current exam format, including difficulty levels. Here is what you will encounter when you study with this study guide.
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Track your research progress with the Research Review tool listed in the main menu. The purpose of this syllabus review is to help you refresh your memory on the topics you should know. Financial statements are documents that describe a company’s business and financial activities. Financial statements are often reviewed by government agencies, accountants, companies, etc., to ensure their accuracy and for tax, financial or investment purposes. A basic income statement includes a balance sheet, an income statement, a statement of cash flows, and a statement of changes in equity. Nonprofit organizations use a similar set of financial statements.
Investors and financial analysts rely on financial statements to evaluate a company’s performance and predict the future direction of a company’s stock price. One of the most important sources of reliable and auditable financial information is the annual report that contains the company’s financial information.
Investors, market analysts and creditors use financial statements to evaluate a company’s financial health and potential earnings. The three main financial statements are the balance sheet, the income statement, and the cash flow statement.
Not all financial statements are created equal. The rules used by US companies are called generally accepted accounting principles, while the rules used by international companies are called International Financial Reporting Standards (IFRS). Additionally, US government agencies use different financial reporting standards.
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A balance sheet provides an overview of a company’s assets, liabilities, and equity as a snapshot over time. The date at the top of the balance sheet tells you when the snapshot was taken, which is the end of the reporting period. Below is a breakdown of items by scale.
Unlike the balance sheet, the income statement covers a period, which is a year for annual financial statements and a quarter for quarterly financial statements. The income statement provides an overview of revenues, expenses, income and earnings per share.
Operating income is money earned from selling a company’s products or services. The revenue of car manufacturers will be derived from the production and sale of cars. Operating income is derived from the company’s core business activities.
Non-operating sales are income from secondary business activities. This income does not come under the primary activity of the business. Examples of passive income include:
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Other income is income from other activities. Other income may include gains from the sale of long-term assets such as land, cars or other assets.
Initial costs are incurred during the process of earning revenue from the company’s first project. Cost includes cost of goods sold (COGS), selling, general and administrative (SG&A), depreciation or amortization, and research and development (R&D).
Expenses related to secondary employment include interest paid on loans or borrowings. Also, loss from sale of property is chargeable.
The main purpose of the profit and loss statement is to provide detailed information about the profitability and financial results of business activities; However, it can effectively show whether sales or earnings are increasing when we compare them over several periods.
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Investors can look at how a company’s management manages expenses to determine whether the company’s efforts to reduce selling expenses can increase profits over time.
The cash flow statement (CFS) measures how well a company generates cash to pay its debts, finance operating expenses and capital investments. The financial statement completes the balance sheet and the profit and loss statement.
CFS allows investors to understand how a company’s operations work, where money comes from and how that money is spent. CFS also sheds light on whether a company is on sound financial footing.
There is no such formula for calculating financial statements. Instead, it has three sections that report cash flow for the various activities that the company uses its cash for. The three components of CFS are listed below.
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Operations at CFS involve the use of cash from conducting business and selling products or services. Cash from operations includes any changes made in accounts receivable, depreciation, amortization, and payments. These transactions include salaries, income tax payments, interest payments, rent and cash receipts from the sale of products or services.
Investing activities involve the use of any resources and cash from the company’s stock for the long term. This category includes the purchase or sale of property, loans to brokers or loans received from customers, or any payment related to a merger or acquisition.
Purchases of fixed assets such as property, plant and equipment (PPE) are also included in this category. In short, changes in equipment, assets or investments are associated with cash flows from investments.
Cash flows from financing activities include sources of funds from investors or banks, and the use of funds for shareholders. Financial activities include issuing bonds, issuing shares, buying shares, borrowing, paying bills, and paying off debts.
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Below is a portion of ExxonMobil’s 2021 earnings statement reported as of December 31, 2021. We can see the three parts of the cash flow statement and their results.
The change in equation statement follows the total equation over time. This information is applied in the calculation of the mutual balance; The changing ending balance on the balance sheet is equal to the total equity reported on the balance sheet.
The calculation of changes in equity will vary from company to company; In general there are several factors:
In ExxonMobil’s statement of changes in equity, the company also records activities related to acquisitions, sales, redemptions of securities, and other financing activities. This information is useful for analysis to determine how much cash the company will retain for future growth rather than distributing it externally.
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A less commonly used financial statement, the statement of comprehensive income, summarizes net income while also including changes in other comprehensive income (OCI). Other comprehensive income includes all unrealized gains and losses in the income statement. This financial statement shows the company’s total income from changes, as well as gains and losses that have not yet been recognized in accordance with accounting standards.
In the example below, ExxonMobil has over $2 billion in undisclosed income. Instead of reporting just $23.5 billion in revenue, ExxonMobil reported nearly $26 billion in total revenue when other comprehensive income is taken into account.
Nonprofit organizations record financial transactions in the same set of financial statements. However, due to the differences between a for-profit organization and a pure charity, there are differences in the financial statements used. Standard financial reporting systems used for a nonprofit organization include:
The purpose of the external auditor is to determine whether the financial statements of the accounting department have been prepared in accordance with relevant accounting principles and whether there are any material errors that affect the reliability of the results.
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Although financial statements provide a lot of information about a company, they are limited. Words are open to interpretation.
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