Financial statements or final accounts are the yearly accounting records prepared in five different sets of formats that are collectively called financial statements. The financial statements tell the users about the financial position, financial performance, cash position, and equity position of the business.
1. Statement of financial position or Balance Sheet: This contains information about a business's assets, liabilities, and equity.
2. Statement of Comprehensive income: This contains the information about the incomes and expenses during a period and ultimately the profit or loss for the period.
3. Statement of Cash Flows: This tells about the actual cash position of the business.
4. Statement of changes in equity: This tells the equity components that have affected in the current year.
5. Notes to the financial statements: These are the supporting information about the figures appearing on the faces of all four statements described above.
Casa Royale, Inc., a public company, retains Ying and
The comparative financial statements of Marshall Inc. are as follows.
Michael Green, CPA, is considering audit risk at the financial
For each item below, indicate to which category of elements of
Your aunt recently received the annual report for a company in which
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QT, Inc. and Elppa Computers, Inc. compete with
Target Corporation prepares its financial statements according to U.S.
Colorado Mining paid $600,000 to acquire a mine with
Stanley and Jones Lawn Service Company (S&J) maintains
