Context: Document [1](Title: Tsunami) Bay, Alaska, caused the highest wave ever recorded, which had a height of 524 metres (over 1700 feet). The wave did not travel far, as it struck land almost immediately. Two people fishing in the bay were killed, but another boat managed to ride the wave. Another landslide-tsunami event occurred in 1963 when a massive landslide from Monte Toc entered the Vajont Dam in Italy. The resulting wave surged over the 262 m (860 ft) high dam by 250 metres (820 ft) and destroyed several towns. Around 2,000 people died. Scientists named these waves megatsunamis. Some geologists claim that large

Context: Document [2](Title: Physical oceanography) coastline regions where the waves strike with sufficient energy. The tsunami that occurred in Lituya Bay, Alaska on July 9, 1958 was high and is the biggest tsunami ever measured, almost taller than the Sears Tower in Chicago and about taller than the former World Trade Center in New York. The wind generates ocean surface waves, which have a large impact on offshore structures, ships, coastal erosion and sedimentation, as well as harbours. After their generation by the wind, ocean surface waves can travel (as swell) over long distances. Physical oceanography Physical oceanography is the study of physical conditions and

Context: Document [3](Title: Nazaré, Portugal) and entered the Guinness World Record for the biggest wave ever surfed. Social media wrongly attributed a footage of German surfer Sebastian Steudtne surfing another big wave also in Nazaré to Koxa; both have made public statements in attempts to correct the original misinformation. In the meantime, Portuguese surfer Hugo Vau surfed a potentially high wave, known as "the big mama", on 19 January 2018. This achievement yet to be validated. The waves at this point can also be dangerous to those ashore. In August 2012, a freak wave killed a 5 year old British girl and her grandfather walking

Context: Document [4](Title: Rodrigo Koxa) Monica, CA-based Big Wave Awards as the biggest wave ever surfed in history. He now holds the position in the Guinness World Records with the biggest wave ever surfed in the history of the World Surf League. Koxa surfed the wave on November 8, 2017, in the village of Nazaré, city of Leiria, in Portugal. The feat was declared as the new world record, the wave's height having been about , supplanting the previous record of an estimated set in 2011 by Koxa's mentor Garrett McNamara. In August 2010, Koxa had reached a previous record. In Chile, he surfed the

Context: Document [5](Title: Draupner wave) Draupner wave The Draupner wave or New Year's wave was the first rogue wave to be detected by a measuring instrument, occurring at the Draupner platform in the North Sea off the coast of Norway on 1 January 1995. In an area with significant wave height of approximately , a freak wave with a maximum wave height of occurred (peak elevation above still water level was ). Prior to that measurement, no instrument-recorded evidence for rogue waves existed–just anecdotal evidence provided by those who had encountered them at sea, although ships such as the British Ocean Weather Reporter had recorded

Context: Document [6](Title: Andrea Gail) but ocean buoy monitors recorded a peak wave height of , and so waves of were deemed "unlikely" by "Science Daily". However, data from a series of weather buoys in the general vicinity of the vessel's last known location recorded peak wave action exceeding in height from October 28 through 30, 1991. On October 30, 1991, the vessel was reported overdue. An extensive air and land search was launched by the 106th Rescue Wing from the New York Air National Guard, United States Coast Guard and Canadian Coast Guard forces. The search would eventually cover over . On November 6,

Context: Document [7](Title: Crescent City, California) these incidents were barely perceptible, eleven events included wave measurements exceeding one meter, four events caused damage, and one event in particular is commonly cited as "the largest and most destructive recorded tsunami to ever strike the United States Pacific Coast." On 27 March 1964, the Good Friday earthquake off Anchorage, Alaska, set in motion local landslide tsunamis, as well as a trans-Pacific wave. The tsunami wave travel time to Crescent City was 4.1 hours after the earthquake, but it only produced localized flooding. The second and third waves to hit Crescent City were both smaller than the first wave,

Context: Document [8](Title: 2012 Haida Gwaii earthquake) U.S., Hawaii was also placed on alert, and over 100,000 people were evacuated to higher ground. The maximum wave height recorded at tide gauges in Hawaii was 0.79m (31 in). Other warnings were issued for the states of Oregon and California, but were subsequently lifted. Despite the earthquake's large magnitude, no major structural damage was reported from any of the population centres in the vicinity. This can be explained by the remoteness of the tremor's epicentre. No casualties or major injuries were recorded from the quake, likely due to the sparsely populated nature of the region. As a result of

Context: Document [9](Title: 1964 Alaska earthquake) tsunamis were produced by this subduction zone earthquake. There was a tectonic tsunami produced in addition to about 20 smaller and local tsunamis. These smaller tsunamis were produced by submarine and subaerial landslides and were responsible for the majority of the tsunami damage. Tsunami waves were noted in over 20 countries, including Peru, New Zealand, Papua New Guinea, Japan, Mexico, and Antarctica. The largest tsunami wave was recorded in Shoup Bay, Alaska, with a height of about . Tremors were detected in water wells in Australia. As a result of the earthquake, 139 people are believed to have died: Fifteen

Context: Document [10](Title: Nazaré Canyon) wave surfing. In November 2011, Hawaiian surfer Garrett McNamara surfed a record breaking giant wave: from trough to crest, at Praia do Norte, Nazaré, Portugal. In January 2013 it was reported that he successfully rode a wave measuring a maximum estimate of at the same location and possibly exceeding the size of his previous record-breaking wave. In January 2018, Hugo Vau could have smashed a world record amid claims he surfed one of the biggest waves ever seen at Nazare, Portugal. The wave — nicknamed ‘Big Mama’ — was reported to be up to 35-metres-high, which, if confirmed, would beat

Context: Document [11](Title: 2004 Indian Ocean earthquake and tsunami) coast from east to west. The tsunami also reached Antarctica, where tidal gauges at Japan's Showa Base recorded oscillations of up to a metre (), with disturbances lasting a couple of days. Some of the tsunami's energy escaped into the Pacific Ocean, where it produced small but measurable tsunamis along the western coasts of North and South America, typically around . At Manzanillo, Mexico, a crest-to-trough tsunami was measured. As well, the tsunami was large enough to be detected in Vancouver, which puzzled many scientists, as the tsunamis measured in some parts of South America were larger than those measured

Context: Document [12](Title: Rogue wave) clearly outside the range of Gaussian waves was published in 1997. Some research confirms that observed wave height distribution in general follows well the Rayleigh distribution, but in shallow waters during high energy events, extremely high waves are more rare than this particular model predicts. It is now proven via satellite radar studies that waves with crest to trough heights of to , occur far more frequently than previously thought. It is now known that rogue waves occur in all of the world's oceans many times each day. In 2004 the ESA MaxWave project identified more than ten individual giant

Context: Document [13](Title: 2010 Chile earthquake) Hawaii, maybe about 50 percent bigger than they actually were." Early in the morning, the Center expected waves of 3 metres. In actuality, the highest tsunami waves ended up being about 1.5 to 1.8 metres peak to trough. At around 23:00 UTC (15:00 local), a tsunami warning was issued for coastal British Columbia. Extra precautions were already in place due to the 2010 Winter Olympics being held in Vancouver at the time. Small waves were expected in Southern California, and receding was reported at Long Beach. Minor damage was reported on some coastal areas. The tsunami damaged navigation buoys at

Context: Document [14](Title: 2004 Indian Ocean earthquake and tsunami) maximum runup of 2 m (6.6 ft). The tsunami was detected in the southern parts of east Africa, where rough seas were reported, specifically on the eastern and southern coasts that face the Indian Ocean. A few other African countries also recorded fatalities; one in Kenya, three in Seychelles, ten in Tanzania, and South Africa, where two were killed as a direct result of tsunami—the furthest from the epicentre. Tidal surges also occurred along the Western Australian coast that lasted for several hours, resulting in boats losing their moorings and two people needing to be rescued. According to the U.S.

Context: Document [15](Title: Megatsunami) On July 9, 1958, a giant landslide at the head of Lituya Bay in Alaska, caused by an earthquake, generated a wave that washed out trees to a maximum altitude of 520 metres (1,710 ft) at the entrance of Gilbert Inlet. The wave surged over the headland, stripping trees and soil down to bedrock, and surged along the fjord which forms Lituya Bay, destroying a fishing boat anchored there and killing two people. Howard Ulrich and his son managed to ride the wave in their boat, and both survived.

Context: Document [16](Title: Wind wave) case of the Draupner wave, its height was 2.2 times the significant wave height. Such waves are distinct from tides, caused by the Moon and Sun's gravitational pull, tsunamis that are caused by underwater earthquakes or landslides, and waves generated by underwater explosions or the fall of meteorites—all having far longer wavelengths than wind waves. Yet, the largest ever recorded wind waves are common — not rogue — waves in extreme sea states. For example: high waves have been recorded on the RRS Discovery in a sea with significant wave height, so the highest wave is only 1.6 times the

Context: Document [17](Title: Rogue wave) Rogue Waves 2000 workshop held in Brest in November 2000. In 2000 the British oceanographic vessel RRS "Discovery" recorded a wave off the coast of Scotland near Rockall. This was a scientific research vessel and was fitted with high quality instruments. The subsequent analysis determined that under severe gale force conditions with wind speeds averaging a ship-borne wave recorder measured individual waves up to from crest to trough, and a maximum significant wave height of . These were some of the largest waves recorded by scientific instruments up to that time. The authors noted that modern wave prediction models are

Context: Document [18](Title: 1929 Grand Banks earthquake) triggered a large submarine landslide displacing (). It snapped 12 submarine transatlantic telegraph cables and led to a tsunami that arrived in three waves. Newfoundland, Canada and Saint Pierre and Miquelon had the largest impact, both from the snapped 12 submarine cables, and the tsunami. This was Canada's largest submarine landslide ever recorded, up to 500 times the size of 1894 Saint-Alban subaerial slide. In 2002 Natural Resources Canada and the United States Geological Survey, created an intensity map by using the Revised Modified Mercalli scale. The tsunami waves had an amplitude of , and a runup of along the

Context: Document [19](Title: Cumbre Vieja) La Palma mega-tsunami was both too small in mass and volume, and far too stable to break away within the next 10,000 years. A 2008 paper looked into this very worst case scenario, the most massive slide that could happen (though unlikely and probably impossible right now with the present day geology). They find wave heights in the range 10 to 188 meters in the Canary Isles themselves. But the waves interfere and dissipate as they head out into the Atlantic. They predict 40 meters height for some nearby island systems. For continents, the worst effects are in Northern Brazil

Context: Document [20](Title: Meteorological history of Hurricane Sandy) before records were officially kept. Storm tide records were also broken in Sandy Hook, New Jersey and Philadelphia, Pennsylvania, with peak tides of and , respectively. The tidal gauge in Sandy Hook lost power while the tide was still rising, meaning the tide crested higher than the recorded peak. A buoy in New York Harbor reached a record height when it measured a wave on October 30, taller than a wave registered by Hurricane Irene in 2011. Sandy was the second-largest tropical cyclone in terms of gale diameter since records began in 1988. In addition, at , Sandy was second

Question: where did the world's largest recorded wave occur?

Answer: Lituya Bay in Alaska


Context: Document [1](Title: Tsunami) Bay, Alaska, caused the highest wave ever recorded, which had a height of 524 metres (over 1700 feet). The wave did not travel far, as it struck land almost immediately. Two people fishing in the bay were killed, but another boat managed to ride the wave. Another landslide-tsunami event occurred in 1963 when a massive landslide from Monte Toc entered the Vajont Dam in Italy. The resulting wave surged over the 262 m (860 ft) high dam by 250 metres (820 ft) and destroyed several towns. Around 2,000 people died. Scientists named these waves megatsunamis. Some geologists claim that large

Context: Document [2](Title: Physical oceanography) coastline regions where the waves strike with sufficient energy. The tsunami that occurred in Lituya Bay, Alaska on July 9, 1958 was high and is the biggest tsunami ever measured, almost taller than the Sears Tower in Chicago and about taller than the former World Trade Center in New York. The wind generates ocean surface waves, which have a large impact on offshore structures, ships, coastal erosion and sedimentation, as well as harbours. After their generation by the wind, ocean surface waves can travel (as swell) over long distances. Physical oceanography Physical oceanography is the study of physical conditions and

Context: Document [3](Title: Nazaré, Portugal) and entered the Guinness World Record for the biggest wave ever surfed. Social media wrongly attributed a footage of German surfer Sebastian Steudtne surfing another big wave also in Nazaré to Koxa; both have made public statements in attempts to correct the original misinformation. In the meantime, Portuguese surfer Hugo Vau surfed a potentially high wave, known as "the big mama", on 19 January 2018. This achievement yet to be validated. The waves at this point can also be dangerous to those ashore. In August 2012, a freak wave killed a 5 year old British girl and her grandfather walking

Context: Document [4](Title: Rodrigo Koxa) Monica, CA-based Big Wave Awards as the biggest wave ever surfed in history. He now holds the position in the Guinness World Records with the biggest wave ever surfed in the history of the World Surf League. Koxa surfed the wave on November 8, 2017, in the village of Nazaré, city of Leiria, in Portugal. The feat was declared as the new world record, the wave's height having been about , supplanting the previous record of an estimated set in 2011 by Koxa's mentor Garrett McNamara. In August 2010, Koxa had reached a previous record. In Chile, he surfed the

Context: Document [5](Title: Draupner wave) Draupner wave The Draupner wave or New Year's wave was the first rogue wave to be detected by a measuring instrument, occurring at the Draupner platform in the North Sea off the coast of Norway on 1 January 1995. In an area with significant wave height of approximately , a freak wave with a maximum wave height of occurred (peak elevation above still water level was ). Prior to that measurement, no instrument-recorded evidence for rogue waves existed–just anecdotal evidence provided by those who had encountered them at sea, although ships such as the British Ocean Weather Reporter had recorded

Context: Document [6](Title: Andrea Gail) but ocean buoy monitors recorded a peak wave height of , and so waves of were deemed "unlikely" by "Science Daily". However, data from a series of weather buoys in the general vicinity of the vessel's last known location recorded peak wave action exceeding in height from October 28 through 30, 1991. On October 30, 1991, the vessel was reported overdue. An extensive air and land search was launched by the 106th Rescue Wing from the New York Air National Guard, United States Coast Guard and Canadian Coast Guard forces. The search would eventually cover over . On November 6,

Context: Document [7](Title: Crescent City, California) these incidents were barely perceptible, eleven events included wave measurements exceeding one meter, four events caused damage, and one event in particular is commonly cited as "the largest and most destructive recorded tsunami to ever strike the United States Pacific Coast." On 27 March 1964, the Good Friday earthquake off Anchorage, Alaska, set in motion local landslide tsunamis, as well as a trans-Pacific wave. The tsunami wave travel time to Crescent City was 4.1 hours after the earthquake, but it only produced localized flooding. The second and third waves to hit Crescent City were both smaller than the first wave,

Context: Document [8](Title: 2012 Haida Gwaii earthquake) U.S., Hawaii was also placed on alert, and over 100,000 people were evacuated to higher ground. The maximum wave height recorded at tide gauges in Hawaii was 0.79m (31 in). Other warnings were issued for the states of Oregon and California, but were subsequently lifted. Despite the earthquake's large magnitude, no major structural damage was reported from any of the population centres in the vicinity. This can be explained by the remoteness of the tremor's epicentre. No casualties or major injuries were recorded from the quake, likely due to the sparsely populated nature of the region. As a result of

Context: Document [9](Title: 1964 Alaska earthquake) tsunamis were produced by this subduction zone earthquake. There was a tectonic tsunami produced in addition to about 20 smaller and local tsunamis. These smaller tsunamis were produced by submarine and subaerial landslides and were responsible for the majority of the tsunami damage. Tsunami waves were noted in over 20 countries, including Peru, New Zealand, Papua New Guinea, Japan, Mexico, and Antarctica. The largest tsunami wave was recorded in Shoup Bay, Alaska, with a height of about . Tremors were detected in water wells in Australia. As a result of the earthquake, 139 people are believed to have died: Fifteen

Context: Document [10](Title: Nazaré Canyon) wave surfing. In November 2011, Hawaiian surfer Garrett McNamara surfed a record breaking giant wave: from trough to crest, at Praia do Norte, Nazaré, Portugal. In January 2013 it was reported that he successfully rode a wave measuring a maximum estimate of at the same location and possibly exceeding the size of his previous record-breaking wave. In January 2018, Hugo Vau could have smashed a world record amid claims he surfed one of the biggest waves ever seen at Nazare, Portugal. The wave — nicknamed ‘Big Mama’ — was reported to be up to 35-metres-high, which, if confirmed, would beat

Context: Document [11](Title: 2004 Indian Ocean earthquake and tsunami) coast from east to west. The tsunami also reached Antarctica, where tidal gauges at Japan's Showa Base recorded oscillations of up to a metre (), with disturbances lasting a couple of days. Some of the tsunami's energy escaped into the Pacific Ocean, where it produced small but measurable tsunamis along the western coasts of North and South America, typically around . At Manzanillo, Mexico, a crest-to-trough tsunami was measured. As well, the tsunami was large enough to be detected in Vancouver, which puzzled many scientists, as the tsunamis measured in some parts of South America were larger than those measured

Context: Document [12](Title: Rogue wave) clearly outside the range of Gaussian waves was published in 1997. Some research confirms that observed wave height distribution in general follows well the Rayleigh distribution, but in shallow waters during high energy events, extremely high waves are more rare than this particular model predicts. It is now proven via satellite radar studies that waves with crest to trough heights of to , occur far more frequently than previously thought. It is now known that rogue waves occur in all of the world's oceans many times each day. In 2004 the ESA MaxWave project identified more than ten individual giant

Context: Document [13](Title: 2010 Chile earthquake) Hawaii, maybe about 50 percent bigger than they actually were." Early in the morning, the Center expected waves of 3 metres. In actuality, the highest tsunami waves ended up being about 1.5 to 1.8 metres peak to trough. At around 23:00 UTC (15:00 local), a tsunami warning was issued for coastal British Columbia. Extra precautions were already in place due to the 2010 Winter Olympics being held in Vancouver at the time. Small waves were expected in Southern California, and receding was reported at Long Beach. Minor damage was reported on some coastal areas. The tsunami damaged navigation buoys at

Context: Document [14](Title: 2004 Indian Ocean earthquake and tsunami) maximum runup of 2 m (6.6 ft). The tsunami was detected in the southern parts of east Africa, where rough seas were reported, specifically on the eastern and southern coasts that face the Indian Ocean. A few other African countries also recorded fatalities; one in Kenya, three in Seychelles, ten in Tanzania, and South Africa, where two were killed as a direct result of tsunami—the furthest from the epicentre. Tidal surges also occurred along the Western Australian coast that lasted for several hours, resulting in boats losing their moorings and two people needing to be rescued. According to the U.S.

Context: Document [15](Title: Wind wave) case of the Draupner wave, its height was 2.2 times the significant wave height. Such waves are distinct from tides, caused by the Moon and Sun's gravitational pull, tsunamis that are caused by underwater earthquakes or landslides, and waves generated by underwater explosions or the fall of meteorites—all having far longer wavelengths than wind waves. Yet, the largest ever recorded wind waves are common — not rogue — waves in extreme sea states. For example: high waves have been recorded on the RRS Discovery in a sea with significant wave height, so the highest wave is only 1.6 times the

Context: Document [16](Title: Rogue wave) Rogue Waves 2000 workshop held in Brest in November 2000. In 2000 the British oceanographic vessel RRS "Discovery" recorded a wave off the coast of Scotland near Rockall. This was a scientific research vessel and was fitted with high quality instruments. The subsequent analysis determined that under severe gale force conditions with wind speeds averaging a ship-borne wave recorder measured individual waves up to from crest to trough, and a maximum significant wave height of . These were some of the largest waves recorded by scientific instruments up to that time. The authors noted that modern wave prediction models are

Context: Document [17](Title: 1929 Grand Banks earthquake) triggered a large submarine landslide displacing (). It snapped 12 submarine transatlantic telegraph cables and led to a tsunami that arrived in three waves. Newfoundland, Canada and Saint Pierre and Miquelon had the largest impact, both from the snapped 12 submarine cables, and the tsunami. This was Canada's largest submarine landslide ever recorded, up to 500 times the size of 1894 Saint-Alban subaerial slide. In 2002 Natural Resources Canada and the United States Geological Survey, created an intensity map by using the Revised Modified Mercalli scale. The tsunami waves had an amplitude of , and a runup of along the

Context: Document [18](Title: Cumbre Vieja) La Palma mega-tsunami was both too small in mass and volume, and far too stable to break away within the next 10,000 years. A 2008 paper looked into this very worst case scenario, the most massive slide that could happen (though unlikely and probably impossible right now with the present day geology). They find wave heights in the range 10 to 188 meters in the Canary Isles themselves. But the waves interfere and dissipate as they head out into the Atlantic. They predict 40 meters height for some nearby island systems. For continents, the worst effects are in Northern Brazil

Context: Document [19](Title: Meteorological history of Hurricane Sandy) before records were officially kept. Storm tide records were also broken in Sandy Hook, New Jersey and Philadelphia, Pennsylvania, with peak tides of and , respectively. The tidal gauge in Sandy Hook lost power while the tide was still rising, meaning the tide crested higher than the recorded peak. A buoy in New York Harbor reached a record height when it measured a wave on October 30, taller than a wave registered by Hurricane Irene in 2011. Sandy was the second-largest tropical cyclone in terms of gale diameter since records began in 1988. In addition, at , Sandy was second

Context: Document [20](Title: Megatsunami) On July 9, 1958, a giant landslide at the head of Lituya Bay in Alaska, caused by an earthquake, generated a wave that washed out trees to a maximum altitude of 520 metres (1,710 ft) at the entrance of Gilbert Inlet. The wave surged over the headland, stripping trees and soil down to bedrock, and surged along the fjord which forms Lituya Bay, destroying a fishing boat anchored there and killing two people. Howard Ulrich and his son managed to ride the wave in their boat, and both survived.

Question: where did the world's largest recorded wave occur?

Answer: Lituya Bay in Alaska


Context: Document [1](Title: Financial accounting) The balance sheet is the financial statement showing a firm's assets, liabilities and equity (capital) at a set point in time, usually the end of the fiscal year reported on the accompanying income statement. The total assets always equal the total combined liabilities and equity in dollar amount. This statement best demonstrates the basic accounting equation - Assets = Liabilities + Equity. The statement can be used to help show the status of a company.

Context: Document [2](Title: Accounting equation) economics are thus diverse. A company’s quarterly and annual reports are basically derived directly from the accounting equations used in bookkeeping practices. These equations, entered in a business’s general ledger, will provide the material that eventually makes up the foundation of a business’s financial statements. This includes expense reports, cash flow, interest and loan payments, salaries, and company investments. The accounting equation plays a significant role as the foundation of the double entry bookkeeping system. The primary aim of the double entry system is to keep track of debits and credits, and ensure that the sum of these always matches

Context: Document [3](Title: Accounting equation) up to the company assets, a calculation carried out by the accounting equation. It is based on the idea that each transaction has an equal effect. It is used to transfer totals from books of prime entry into the nominal ledger. Every transaction is recorded twice so that the debit is balanced by a credit. The income and retained earnings of the accounting equation is also an essential component in computing, understanding, and analyzing a firm’s income statement. This statement reflects profits and losses that are themselves determined by the calculations that make up the basic accounting equation. In other

Context: Document [4](Title: Financial statement) accrual accounting, or cost accounting, or a combination of the two (OCBOA). A complete set of chart of accounts is also used that is substantially different from the chart of a profit-oriented business. Personal financial statements may be required from persons applying for a personal loan or financial aid. Typically, a personal financial statement consists of a single form for reporting personally held assets and liabilities (debts), or personal sources of income and expenses, or both. The form to be filled out is determined by the organization supplying the loan or aid. Although laws differ from country to country, an

Context: Document [5](Title: Income statement) Income statement An income statement or profit and loss account (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, operating statement, or statement of operations) is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period. It indicates how the revenues (money received from the sale of products and services before expenses are taken out, also known as the "“top line”") are transformed into the net income (the result after all revenues and expenses have been accounted

Context: Document [6](Title: Financial accounting) Financial accounting Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements available for public consumption. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes. Financial accountancy is governed by both local and international accounting standards. Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction. It includes the standards, conventions and rules that accountants

Context: Document [7](Title: Financial statement) statements are considered an integral part of the financial statements. "The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions." Financial statements should be understandable, relevant, reliable and comparable. Reported assets, liabilities, equity, income and expenses are directly related to an organization's financial position. Financial statements are intended to be understandable by readers who have "a reasonable knowledge of business and economic activities and accounting and who are willing to study the information diligently." Financial

Context: Document [8](Title: Financial accounting) financial statement showing a firm's assets, liabilities and equity (capital) at a set point in time, usually the end of the fiscal year reported on the accompanying income statement. The total assets always equal the total combined liabilities and equity in dollar amount. This statement best demonstrates the basic accounting equation - "Assets = Liabilities + Equity". The statement can be used to help show the status of a company. Accounting standards often set out a general format that companies are expected to follow when presenting their balance sheets. International Financial Reporting Standards normally require that companies report current assets

Context: Document [9](Title: Accounting) of an entity, the analysis, verification and reporting of such records and "the principles and procedures of accounting"; it also refers to the job of being an accountant. Accountancy refers to the occupation or profession of an accountant, particularly in British English. Accounting has several subfields or subject areas, including financial accounting, management accounting, auditing, taxation and accounting information systems. Financial accounting focuses on the reporting of an organization's financial information to external users of the information, such as investors, potential investors and creditors. It calculates and records business transactions and prepares financial statements for the external users in accordance

Context: Document [10](Title: Statement of changes in financial position) Statement of changes in financial position In business accounting, the statement of change in financial position is a financial statement that outlines the sources and uses of funds and explains any changes in cash or working capital. It contains activities from operations that alter the cash of a company has on hand. Changes in financial position include cash outflows, such as capital expenditures, and cash inflows, such as revenue. It may also include certain non-cash changes, such as depreciation. The use of this statement is to provide relevant and focused on a period, so that users of financial statements with

Context: Document [11](Title: Financial accounting) one positive and one negative (opposites) that you will subtract. Many professional accountancy qualifications cover the field of financial accountancy, including Certified Public Accountant (CPA), Chartered Accountant (CA or other national designations) and Chartered Certified Accountant (ACCA). Financial accounting Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements available for public consumption. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes. Financial accountancy

Context: Document [12](Title: Financial ratio) home countries, but private companies, partnerships and sole proprietorships may not use accrual basis accounting. Large multi-national corporations may use International Financial Reporting Standards to produce their financial statements, or they may use the generally accepted accounting principles of their home country. There is no international standard for calculating the summary data presented in all financial statements, and the terminology is not always consistent between companies, industries, countries and time periods. Various abbreviations may be used in financial statements, especially financial statements summarized on the Internet. Sales reported by a firm are usually net sales, which deduct returns, allowances, and

Context: Document [13](Title: Accounting) with generally accepted accounting principles (GAAP). GAAP, in turn, arises from the wide agreement between accounting theory and practice, and change over time to meet the needs of decision-makers. Financial accounting produces past-oriented reports—for example the financial statements prepared in 2006 reports on performance in 2005—on an annual or quarterly basis, generally about the organization as a whole. This branch of accounting is also studied as part of the board exams for qualifying as an actuary. These two types of professionals, accountants and actuaries, have created a culture of being archrivals. Management accounting focuses on the measurement, analysis and reporting

Context: Document [14](Title: Accounting) firms and professional bodies. Financial statements are usually audited by accounting firms, and are prepared in accordance with generally accepted accounting principles (GAAP). GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States and the Financial Reporting Council in the United Kingdom. As of 2012, "all major economies" have plans to converge towards or adopt the International Financial Reporting Standards (IFRS). The history of accounting is thousands of years old and can be traced to ancient civilizations. The early development of accounting dates back to ancient Mesopotamia, and is closely related

Context: Document [15](Title: Financial statement) statements may be used by users for different purposes: Consolidated financial statements are defined as "Financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent (company) and its subsidiaries are presented as those of a single economic entity", according to International Accounting Standard 27 "Consolidated and separate financial statements", and International Financial Reporting Standard 10 "Consolidated financial statements". The rules for the recording, measurement and presentation of government financial statements may be different from those required for business and even for non-profit organizations. They may use either of two accounting methods:

Context: Document [16](Title: Comparison of management accounting and financial accounting) those who wish to make financial decisions or investments in a company. Management Accounting is the branch of Accounting that deals primarily with confidential financial reports for the exclusive use of top management within an organization. These reports are prepared utilizing scientific and statistical methods to arrive at certain monetary values which are then used for decision making. Such reports may include: Financial Accounting, on the other hand, concentrates on the production of financial reports, including the basic reporting requirements of profitability, liquidity, solvency and stability. Reports of this nature can be accessed by internal and external users such as

Context: Document [17](Title: Financial analysis) Another method is comparative analysis. This provides a better way to determine trends. Comparative analysis presents the same information for two or more time periods and is presented side-by-side to allow for easy analysis. Financial analysis Financial analysis (also referred to as financial statement analysis or accounting analysis or Analysis of finance) refers to an assessment of the viability, stability and profitability of a business, sub-business or project. It is performed by professionals who prepare reports using ratios that make use of information taken from financial statements and other reports. These reports are usually presented to top management as one

Context: Document [18](Title: Accounting) Accounting Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, external auditing, tax accounting

Context: Document [19](Title: Financial analysis) Financial analysis Financial analysis (also referred to as financial statement analysis or accounting analysis or Analysis of finance) refers to an assessment of the viability, stability and profitability of a business, sub-business or project. It is performed by professionals who prepare reports using ratios that make use of information taken from financial statements and other reports. These reports are usually presented to top management as one of their bases in making business decisions. Financial analysis may determine if a business will: Financial analysts often assess the following elements of a firm: 1. Profitability - its ability to earn income and

Context: Document [20](Title: Business) corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms. Finance is a field that deals with the study of investments. It includes the dynamics of assets and liabilities over time under conditions of different degrees of uncertainty and risk. Finance can also be defined as

Question: which financial statement involves all aspects of the accounting equation?

Answer: balance sheet

Answer: The balance sheet


Context: Document [1](Title: Accounting equation) economics are thus diverse. A company’s quarterly and annual reports are basically derived directly from the accounting equations used in bookkeeping practices. These equations, entered in a business’s general ledger, will provide the material that eventually makes up the foundation of a business’s financial statements. This includes expense reports, cash flow, interest and loan payments, salaries, and company investments. The accounting equation plays a significant role as the foundation of the double entry bookkeeping system. The primary aim of the double entry system is to keep track of debits and credits, and ensure that the sum of these always matches

Context: Document [2](Title: Accounting equation) up to the company assets, a calculation carried out by the accounting equation. It is based on the idea that each transaction has an equal effect. It is used to transfer totals from books of prime entry into the nominal ledger. Every transaction is recorded twice so that the debit is balanced by a credit. The income and retained earnings of the accounting equation is also an essential component in computing, understanding, and analyzing a firm’s income statement. This statement reflects profits and losses that are themselves determined by the calculations that make up the basic accounting equation. In other

Context: Document [3](Title: Financial statement) accrual accounting, or cost accounting, or a combination of the two (OCBOA). A complete set of chart of accounts is also used that is substantially different from the chart of a profit-oriented business. Personal financial statements may be required from persons applying for a personal loan or financial aid. Typically, a personal financial statement consists of a single form for reporting personally held assets and liabilities (debts), or personal sources of income and expenses, or both. The form to be filled out is determined by the organization supplying the loan or aid. Although laws differ from country to country, an

Context: Document [4](Title: Income statement) Income statement An income statement or profit and loss account (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, operating statement, or statement of operations) is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period. It indicates how the revenues (money received from the sale of products and services before expenses are taken out, also known as the "“top line”") are transformed into the net income (the result after all revenues and expenses have been accounted

Context: Document [5](Title: Financial accounting) The balance sheet is the financial statement showing a firm's assets, liabilities and equity (capital) at a set point in time, usually the end of the fiscal year reported on the accompanying income statement. The total assets always equal the total combined liabilities and equity in dollar amount. This statement best demonstrates the basic accounting equation - Assets = Liabilities + Equity. The statement can be used to help show the status of a company.

Context: Document [6](Title: Financial accounting) Financial accounting Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements available for public consumption. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes. Financial accountancy is governed by both local and international accounting standards. Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction. It includes the standards, conventions and rules that accountants

Context: Document [7](Title: Financial statement) statements are considered an integral part of the financial statements. "The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions." Financial statements should be understandable, relevant, reliable and comparable. Reported assets, liabilities, equity, income and expenses are directly related to an organization's financial position. Financial statements are intended to be understandable by readers who have "a reasonable knowledge of business and economic activities and accounting and who are willing to study the information diligently." Financial

Context: Document [8](Title: Financial accounting) financial statement showing a firm's assets, liabilities and equity (capital) at a set point in time, usually the end of the fiscal year reported on the accompanying income statement. The total assets always equal the total combined liabilities and equity in dollar amount. This statement best demonstrates the basic accounting equation - "Assets = Liabilities + Equity". The statement can be used to help show the status of a company. Accounting standards often set out a general format that companies are expected to follow when presenting their balance sheets. International Financial Reporting Standards normally require that companies report current assets

Context: Document [9](Title: Accounting) of an entity, the analysis, verification and reporting of such records and "the principles and procedures of accounting"; it also refers to the job of being an accountant. Accountancy refers to the occupation or profession of an accountant, particularly in British English. Accounting has several subfields or subject areas, including financial accounting, management accounting, auditing, taxation and accounting information systems. Financial accounting focuses on the reporting of an organization's financial information to external users of the information, such as investors, potential investors and creditors. It calculates and records business transactions and prepares financial statements for the external users in accordance

Context: Document [10](Title: Statement of changes in financial position) Statement of changes in financial position In business accounting, the statement of change in financial position is a financial statement that outlines the sources and uses of funds and explains any changes in cash or working capital. It contains activities from operations that alter the cash of a company has on hand. Changes in financial position include cash outflows, such as capital expenditures, and cash inflows, such as revenue. It may also include certain non-cash changes, such as depreciation. The use of this statement is to provide relevant and focused on a period, so that users of financial statements with

Context: Document [11](Title: Financial accounting) one positive and one negative (opposites) that you will subtract. Many professional accountancy qualifications cover the field of financial accountancy, including Certified Public Accountant (CPA), Chartered Accountant (CA or other national designations) and Chartered Certified Accountant (ACCA). Financial accounting Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements available for public consumption. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes. Financial accountancy

Context: Document [12](Title: Financial ratio) home countries, but private companies, partnerships and sole proprietorships may not use accrual basis accounting. Large multi-national corporations may use International Financial Reporting Standards to produce their financial statements, or they may use the generally accepted accounting principles of their home country. There is no international standard for calculating the summary data presented in all financial statements, and the terminology is not always consistent between companies, industries, countries and time periods. Various abbreviations may be used in financial statements, especially financial statements summarized on the Internet. Sales reported by a firm are usually net sales, which deduct returns, allowances, and

Context: Document [13](Title: Accounting) with generally accepted accounting principles (GAAP). GAAP, in turn, arises from the wide agreement between accounting theory and practice, and change over time to meet the needs of decision-makers. Financial accounting produces past-oriented reports—for example the financial statements prepared in 2006 reports on performance in 2005—on an annual or quarterly basis, generally about the organization as a whole. This branch of accounting is also studied as part of the board exams for qualifying as an actuary. These two types of professionals, accountants and actuaries, have created a culture of being archrivals. Management accounting focuses on the measurement, analysis and reporting

Context: Document [14](Title: Accounting) firms and professional bodies. Financial statements are usually audited by accounting firms, and are prepared in accordance with generally accepted accounting principles (GAAP). GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States and the Financial Reporting Council in the United Kingdom. As of 2012, "all major economies" have plans to converge towards or adopt the International Financial Reporting Standards (IFRS). The history of accounting is thousands of years old and can be traced to ancient civilizations. The early development of accounting dates back to ancient Mesopotamia, and is closely related

Context: Document [15](Title: Financial statement) statements may be used by users for different purposes: Consolidated financial statements are defined as "Financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent (company) and its subsidiaries are presented as those of a single economic entity", according to International Accounting Standard 27 "Consolidated and separate financial statements", and International Financial Reporting Standard 10 "Consolidated financial statements". The rules for the recording, measurement and presentation of government financial statements may be different from those required for business and even for non-profit organizations. They may use either of two accounting methods:

Context: Document [16](Title: Comparison of management accounting and financial accounting) those who wish to make financial decisions or investments in a company. Management Accounting is the branch of Accounting that deals primarily with confidential financial reports for the exclusive use of top management within an organization. These reports are prepared utilizing scientific and statistical methods to arrive at certain monetary values which are then used for decision making. Such reports may include: Financial Accounting, on the other hand, concentrates on the production of financial reports, including the basic reporting requirements of profitability, liquidity, solvency and stability. Reports of this nature can be accessed by internal and external users such as

Context: Document [17](Title: Financial analysis) Another method is comparative analysis. This provides a better way to determine trends. Comparative analysis presents the same information for two or more time periods and is presented side-by-side to allow for easy analysis. Financial analysis Financial analysis (also referred to as financial statement analysis or accounting analysis or Analysis of finance) refers to an assessment of the viability, stability and profitability of a business, sub-business or project. It is performed by professionals who prepare reports using ratios that make use of information taken from financial statements and other reports. These reports are usually presented to top management as one

Context: Document [18](Title: Accounting) Accounting Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, external auditing, tax accounting

Context: Document [19](Title: Financial analysis) Financial analysis Financial analysis (also referred to as financial statement analysis or accounting analysis or Analysis of finance) refers to an assessment of the viability, stability and profitability of a business, sub-business or project. It is performed by professionals who prepare reports using ratios that make use of information taken from financial statements and other reports. These reports are usually presented to top management as one of their bases in making business decisions. Financial analysis may determine if a business will: Financial analysts often assess the following elements of a firm: 1. Profitability - its ability to earn income and

Context: Document [20](Title: Business) corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms. Finance is a field that deals with the study of investments. It includes the dynamics of assets and liabilities over time under conditions of different degrees of uncertainty and risk. Finance can also be defined as

Question: which financial statement involves all aspects of the accounting equation?

Answer: balance sheet

Answer: The balance sheet


Context: Document [1](Title: Accounting equation) economics are thus diverse. A company’s quarterly and annual reports are basically derived directly from the accounting equations used in bookkeeping practices. These equations, entered in a business’s general ledger, will provide the material that eventually makes up the foundation of a business’s financial statements. This includes expense reports, cash flow, interest and loan payments, salaries, and company investments. The accounting equation plays a significant role as the foundation of the double entry bookkeeping system. The primary aim of the double entry system is to keep track of debits and credits, and ensure that the sum of these always matches

Context: Document [2](Title: Accounting equation) up to the company assets, a calculation carried out by the accounting equation. It is based on the idea that each transaction has an equal effect. It is used to transfer totals from books of prime entry into the nominal ledger. Every transaction is recorded twice so that the debit is balanced by a credit. The income and retained earnings of the accounting equation is also an essential component in computing, understanding, and analyzing a firm’s income statement. This statement reflects profits and losses that are themselves determined by the calculations that make up the basic accounting equation. In other

Context: Document [3](Title: Financial statement) accrual accounting, or cost accounting, or a combination of the two (OCBOA). A complete set of chart of accounts is also used that is substantially different from the chart of a profit-oriented business. Personal financial statements may be required from persons applying for a personal loan or financial aid. Typically, a personal financial statement consists of a single form for reporting personally held assets and liabilities (debts), or personal sources of income and expenses, or both. The form to be filled out is determined by the organization supplying the loan or aid. Although laws differ from country to country, an

Context: Document [4](Title: Income statement) Income statement An income statement or profit and loss account (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, operating statement, or statement of operations) is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period. It indicates how the revenues (money received from the sale of products and services before expenses are taken out, also known as the "“top line”") are transformed into the net income (the result after all revenues and expenses have been accounted

Context: Document [5](Title: Financial accounting) Financial accounting Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements available for public consumption. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes. Financial accountancy is governed by both local and international accounting standards. Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction. It includes the standards, conventions and rules that accountants

Context: Document [6](Title: Financial statement) statements are considered an integral part of the financial statements. "The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions." Financial statements should be understandable, relevant, reliable and comparable. Reported assets, liabilities, equity, income and expenses are directly related to an organization's financial position. Financial statements are intended to be understandable by readers who have "a reasonable knowledge of business and economic activities and accounting and who are willing to study the information diligently." Financial

Context: Document [7](Title: Financial accounting) financial statement showing a firm's assets, liabilities and equity (capital) at a set point in time, usually the end of the fiscal year reported on the accompanying income statement. The total assets always equal the total combined liabilities and equity in dollar amount. This statement best demonstrates the basic accounting equation - "Assets = Liabilities + Equity". The statement can be used to help show the status of a company. Accounting standards often set out a general format that companies are expected to follow when presenting their balance sheets. International Financial Reporting Standards normally require that companies report current assets

Context: Document [8](Title: Accounting) of an entity, the analysis, verification and reporting of such records and "the principles and procedures of accounting"; it also refers to the job of being an accountant. Accountancy refers to the occupation or profession of an accountant, particularly in British English. Accounting has several subfields or subject areas, including financial accounting, management accounting, auditing, taxation and accounting information systems. Financial accounting focuses on the reporting of an organization's financial information to external users of the information, such as investors, potential investors and creditors. It calculates and records business transactions and prepares financial statements for the external users in accordance

Context: Document [9](Title: Statement of changes in financial position) Statement of changes in financial position In business accounting, the statement of change in financial position is a financial statement that outlines the sources and uses of funds and explains any changes in cash or working capital. It contains activities from operations that alter the cash of a company has on hand. Changes in financial position include cash outflows, such as capital expenditures, and cash inflows, such as revenue. It may also include certain non-cash changes, such as depreciation. The use of this statement is to provide relevant and focused on a period, so that users of financial statements with

Context: Document [10](Title: Financial accounting) The balance sheet is the financial statement showing a firm's assets, liabilities and equity (capital) at a set point in time, usually the end of the fiscal year reported on the accompanying income statement. The total assets always equal the total combined liabilities and equity in dollar amount. This statement best demonstrates the basic accounting equation - Assets = Liabilities + Equity. The statement can be used to help show the status of a company.

Context: Document [11](Title: Financial accounting) one positive and one negative (opposites) that you will subtract. Many professional accountancy qualifications cover the field of financial accountancy, including Certified Public Accountant (CPA), Chartered Accountant (CA or other national designations) and Chartered Certified Accountant (ACCA). Financial accounting Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements available for public consumption. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes. Financial accountancy

Context: Document [12](Title: Financial ratio) home countries, but private companies, partnerships and sole proprietorships may not use accrual basis accounting. Large multi-national corporations may use International Financial Reporting Standards to produce their financial statements, or they may use the generally accepted accounting principles of their home country. There is no international standard for calculating the summary data presented in all financial statements, and the terminology is not always consistent between companies, industries, countries and time periods. Various abbreviations may be used in financial statements, especially financial statements summarized on the Internet. Sales reported by a firm are usually net sales, which deduct returns, allowances, and

Context: Document [13](Title: Accounting) with generally accepted accounting principles (GAAP). GAAP, in turn, arises from the wide agreement between accounting theory and practice, and change over time to meet the needs of decision-makers. Financial accounting produces past-oriented reports—for example the financial statements prepared in 2006 reports on performance in 2005—on an annual or quarterly basis, generally about the organization as a whole. This branch of accounting is also studied as part of the board exams for qualifying as an actuary. These two types of professionals, accountants and actuaries, have created a culture of being archrivals. Management accounting focuses on the measurement, analysis and reporting

Context: Document [14](Title: Accounting) firms and professional bodies. Financial statements are usually audited by accounting firms, and are prepared in accordance with generally accepted accounting principles (GAAP). GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States and the Financial Reporting Council in the United Kingdom. As of 2012, "all major economies" have plans to converge towards or adopt the International Financial Reporting Standards (IFRS). The history of accounting is thousands of years old and can be traced to ancient civilizations. The early development of accounting dates back to ancient Mesopotamia, and is closely related

Context: Document [15](Title: Financial statement) statements may be used by users for different purposes: Consolidated financial statements are defined as "Financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent (company) and its subsidiaries are presented as those of a single economic entity", according to International Accounting Standard 27 "Consolidated and separate financial statements", and International Financial Reporting Standard 10 "Consolidated financial statements". The rules for the recording, measurement and presentation of government financial statements may be different from those required for business and even for non-profit organizations. They may use either of two accounting methods:

Context: Document [16](Title: Comparison of management accounting and financial accounting) those who wish to make financial decisions or investments in a company. Management Accounting is the branch of Accounting that deals primarily with confidential financial reports for the exclusive use of top management within an organization. These reports are prepared utilizing scientific and statistical methods to arrive at certain monetary values which are then used for decision making. Such reports may include: Financial Accounting, on the other hand, concentrates on the production of financial reports, including the basic reporting requirements of profitability, liquidity, solvency and stability. Reports of this nature can be accessed by internal and external users such as

Context: Document [17](Title: Financial analysis) Another method is comparative analysis. This provides a better way to determine trends. Comparative analysis presents the same information for two or more time periods and is presented side-by-side to allow for easy analysis. Financial analysis Financial analysis (also referred to as financial statement analysis or accounting analysis or Analysis of finance) refers to an assessment of the viability, stability and profitability of a business, sub-business or project. It is performed by professionals who prepare reports using ratios that make use of information taken from financial statements and other reports. These reports are usually presented to top management as one

Context: Document [18](Title: Accounting) Accounting Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, external auditing, tax accounting

Context: Document [19](Title: Financial analysis) Financial analysis Financial analysis (also referred to as financial statement analysis or accounting analysis or Analysis of finance) refers to an assessment of the viability, stability and profitability of a business, sub-business or project. It is performed by professionals who prepare reports using ratios that make use of information taken from financial statements and other reports. These reports are usually presented to top management as one of their bases in making business decisions. Financial analysis may determine if a business will: Financial analysts often assess the following elements of a firm: 1. Profitability - its ability to earn income and

Context: Document [20](Title: Business) corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms. Finance is a field that deals with the study of investments. It includes the dynamics of assets and liabilities over time under conditions of different degrees of uncertainty and risk. Finance can also be defined as

Question: which financial statement involves all aspects of the accounting equation?

Answer: balance sheet

Answer: The balance sheet


Context: Document [1](Title: Accounting equation) economics are thus diverse. A company’s quarterly and annual reports are basically derived directly from the accounting equations used in bookkeeping practices. These equations, entered in a business’s general ledger, will provide the material that eventually makes up the foundation of a business’s financial statements. This includes expense reports, cash flow, interest and loan payments, salaries, and company investments. The accounting equation plays a significant role as the foundation of the double entry bookkeeping system. The primary aim of the double entry system is to keep track of debits and credits, and ensure that the sum of these always matches

Context: Document [2](Title: Accounting equation) up to the company assets, a calculation carried out by the accounting equation. It is based on the idea that each transaction has an equal effect. It is used to transfer totals from books of prime entry into the nominal ledger. Every transaction is recorded twice so that the debit is balanced by a credit. The income and retained earnings of the accounting equation is also an essential component in computing, understanding, and analyzing a firm’s income statement. This statement reflects profits and losses that are themselves determined by the calculations that make up the basic accounting equation. In other

Context: Document [3](Title: Financial statement) accrual accounting, or cost accounting, or a combination of the two (OCBOA). A complete set of chart of accounts is also used that is substantially different from the chart of a profit-oriented business. Personal financial statements may be required from persons applying for a personal loan or financial aid. Typically, a personal financial statement consists of a single form for reporting personally held assets and liabilities (debts), or personal sources of income and expenses, or both. The form to be filled out is determined by the organization supplying the loan or aid. Although laws differ from country to country, an

Context: Document [4](Title: Income statement) Income statement An income statement or profit and loss account (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, operating statement, or statement of operations) is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period. It indicates how the revenues (money received from the sale of products and services before expenses are taken out, also known as the "“top line”") are transformed into the net income (the result after all revenues and expenses have been accounted

Context: Document [5](Title: Financial accounting) Financial accounting Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements available for public consumption. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes. Financial accountancy is governed by both local and international accounting standards. Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction. It includes the standards, conventions and rules that accountants

Context: Document [6](Title: Financial statement) statements are considered an integral part of the financial statements. "The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions." Financial statements should be understandable, relevant, reliable and comparable. Reported assets, liabilities, equity, income and expenses are directly related to an organization's financial position. Financial statements are intended to be understandable by readers who have "a reasonable knowledge of business and economic activities and accounting and who are willing to study the information diligently." Financial

Context: Document [7](Title: Financial accounting) financial statement showing a firm's assets, liabilities and equity (capital) at a set point in time, usually the end of the fiscal year reported on the accompanying income statement. The total assets always equal the total combined liabilities and equity in dollar amount. This statement best demonstrates the basic accounting equation - "Assets = Liabilities + Equity". The statement can be used to help show the status of a company. Accounting standards often set out a general format that companies are expected to follow when presenting their balance sheets. International Financial Reporting Standards normally require that companies report current assets

Context: Document [8](Title: Accounting) of an entity, the analysis, verification and reporting of such records and "the principles and procedures of accounting"; it also refers to the job of being an accountant. Accountancy refers to the occupation or profession of an accountant, particularly in British English. Accounting has several subfields or subject areas, including financial accounting, management accounting, auditing, taxation and accounting information systems. Financial accounting focuses on the reporting of an organization's financial information to external users of the information, such as investors, potential investors and creditors. It calculates and records business transactions and prepares financial statements for the external users in accordance

Context: Document [9](Title: Statement of changes in financial position) Statement of changes in financial position In business accounting, the statement of change in financial position is a financial statement that outlines the sources and uses of funds and explains any changes in cash or working capital. It contains activities from operations that alter the cash of a company has on hand. Changes in financial position include cash outflows, such as capital expenditures, and cash inflows, such as revenue. It may also include certain non-cash changes, such as depreciation. The use of this statement is to provide relevant and focused on a period, so that users of financial statements with

Context: Document [10](Title: Financial accounting) one positive and one negative (opposites) that you will subtract. Many professional accountancy qualifications cover the field of financial accountancy, including Certified Public Accountant (CPA), Chartered Accountant (CA or other national designations) and Chartered Certified Accountant (ACCA). Financial accounting Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements available for public consumption. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes. Financial accountancy

Context: Document [11](Title: Financial ratio) home countries, but private companies, partnerships and sole proprietorships may not use accrual basis accounting. Large multi-national corporations may use International Financial Reporting Standards to produce their financial statements, or they may use the generally accepted accounting principles of their home country. There is no international standard for calculating the summary data presented in all financial statements, and the terminology is not always consistent between companies, industries, countries and time periods. Various abbreviations may be used in financial statements, especially financial statements summarized on the Internet. Sales reported by a firm are usually net sales, which deduct returns, allowances, and

Context: Document [12](Title: Accounting) with generally accepted accounting principles (GAAP). GAAP, in turn, arises from the wide agreement between accounting theory and practice, and change over time to meet the needs of decision-makers. Financial accounting produces past-oriented reports—for example the financial statements prepared in 2006 reports on performance in 2005—on an annual or quarterly basis, generally about the organization as a whole. This branch of accounting is also studied as part of the board exams for qualifying as an actuary. These two types of professionals, accountants and actuaries, have created a culture of being archrivals. Management accounting focuses on the measurement, analysis and reporting

Context: Document [13](Title: Accounting) firms and professional bodies. Financial statements are usually audited by accounting firms, and are prepared in accordance with generally accepted accounting principles (GAAP). GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States and the Financial Reporting Council in the United Kingdom. As of 2012, "all major economies" have plans to converge towards or adopt the International Financial Reporting Standards (IFRS). The history of accounting is thousands of years old and can be traced to ancient civilizations. The early development of accounting dates back to ancient Mesopotamia, and is closely related

Context: Document [14](Title: Financial statement) statements may be used by users for different purposes: Consolidated financial statements are defined as "Financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent (company) and its subsidiaries are presented as those of a single economic entity", according to International Accounting Standard 27 "Consolidated and separate financial statements", and International Financial Reporting Standard 10 "Consolidated financial statements". The rules for the recording, measurement and presentation of government financial statements may be different from those required for business and even for non-profit organizations. They may use either of two accounting methods:

Context: Document [15](Title: Financial accounting) The balance sheet is the financial statement showing a firm's assets, liabilities and equity (capital) at a set point in time, usually the end of the fiscal year reported on the accompanying income statement. The total assets always equal the total combined liabilities and equity in dollar amount. This statement best demonstrates the basic accounting equation - Assets = Liabilities + Equity. The statement can be used to help show the status of a company.

Context: Document [16](Title: Comparison of management accounting and financial accounting) those who wish to make financial decisions or investments in a company. Management Accounting is the branch of Accounting that deals primarily with confidential financial reports for the exclusive use of top management within an organization. These reports are prepared utilizing scientific and statistical methods to arrive at certain monetary values which are then used for decision making. Such reports may include: Financial Accounting, on the other hand, concentrates on the production of financial reports, including the basic reporting requirements of profitability, liquidity, solvency and stability. Reports of this nature can be accessed by internal and external users such as

Context: Document [17](Title: Financial analysis) Another method is comparative analysis. This provides a better way to determine trends. Comparative analysis presents the same information for two or more time periods and is presented side-by-side to allow for easy analysis. Financial analysis Financial analysis (also referred to as financial statement analysis or accounting analysis or Analysis of finance) refers to an assessment of the viability, stability and profitability of a business, sub-business or project. It is performed by professionals who prepare reports using ratios that make use of information taken from financial statements and other reports. These reports are usually presented to top management as one

Context: Document [18](Title: Accounting) Accounting Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, external auditing, tax accounting

Context: Document [19](Title: Financial analysis) Financial analysis Financial analysis (also referred to as financial statement analysis or accounting analysis or Analysis of finance) refers to an assessment of the viability, stability and profitability of a business, sub-business or project. It is performed by professionals who prepare reports using ratios that make use of information taken from financial statements and other reports. These reports are usually presented to top management as one of their bases in making business decisions. Financial analysis may determine if a business will: Financial analysts often assess the following elements of a firm: 1. Profitability - its ability to earn income and

Context: Document [20](Title: Business) corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms. Finance is a field that deals with the study of investments. It includes the dynamics of assets and liabilities over time under conditions of different degrees of uncertainty and risk. Finance can also be defined as

Question: which financial statement involves all aspects of the accounting equation?

Answer: balance sheet

Answer: The balance sheet