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Mitch I.
Semi-Retired Executive with CPA License and MBA in Finance
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Microsoft Excel
TutorMe
Question:

What is the purpose and benefit of a pivot table in Excel?

Mitch I.
Answer:

A pivot table is a table which is used to summarize certain data set in a condensed manner. The table consists of rows, columns, data fields, and pages. These components can be manipulated so the user can expand, isolate, sum, and group the particular data in real time. It also allows for analysis of different assumptions in analysis of information. The pivot table allows the user to view and understand information from large sets of information. It is very helpful in organizing a large amount of data in Microsoft Excel.

Finance
TutorMe
Question:

What is the importance of the concept the time value of money?

Mitch I.
Answer:

This concept relates to the idea that a dollar received today is worth more than a dollar received in the future, because the dollar received today grow to be worth more because it can be invested or can earn interest up until the time the future dollar is received.

Accounting
TutorMe
Question:

What are the 4 major financial statements used by a business to determine financial performance and strength?

Mitch I.
Answer:

1. The Balance Sheet is the statement which shows a company's assets, liabilities, and stockholder equity at a given period of time, such as the end of a quarter or year, 2. The Statement of Changes in Owner's Equity is the statement which shows all the changes to the owners equity that have occurred during a given period of time. These changes include capital contributions or withdrawls, distribution of profits (dividends) and the profit or loss for the period. 3. The Income Statement is the statement showing the revenues, expenses, and income (the difference between revenues and expenses) sometimes referred to as the financial performance of a company over a given period of time. 4. The Statement of Cash Flows shows the amount of Cash generated and used by the company over a given period of time.

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