If for example an income statement for a company says that all number are expressed in thousands than that would mean if it just had the number 1 for total assets then the total assets is 1,000. Is that correct? So if it said it had total assets fo 62,348 I would add 3 zeros to it to get the actual amount, right?
bully
Favorite Answer
correct
mplsundin
You're correct, and if you're looking at an actual company and know enough about them you can look at it logically. Would a company making 1,000 in sales for a quarter be doing well? Probably not, but a million in sales isn't bad depending on the size of the company.
Mike M
yes exactly that
it is done to keep financial records of a company looking 'clean' big numbers are difficult to interpret for most people
wija99
Just add 3 zeros to the value.
62,348 (in thousands) = 62,348,000
chatsplas
yep