financial statement

Financial statements

 

After transcastion are identified, recorded, and summarized , four financial statements are prepared from the summarized accounting data:

 

1. An income statement presents the revenue and expenses and resulting net    income or net loss for a spesific period of  time.

2. An  owners equity statement summarized the changes in owners equity for a spesific periods of  time.

3. A balance sheet reports the assets , liabilities , and owners equity  at a spesific date.

4. A Statement of cash flows summarized information about the cash inflows (receipts) and outflows (payments) for a spesific period of  time .

         

          Each statement provides managements , owners and other interested parties with relevant financial data.

 

 

 

(Accounting principles 7th editions : kimmel, kieso, weygandt)

 

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