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Does the income statement describes the financial position of a firm on a given date?
Wiki User
∙ 9y ago
Yes, an income statement is a document used to show what the businesses revenue and expenses are during a specific period. It shows where all the money has gone and where the money has come from.
Wiki User
∙ 9y ago
Wiki User
∙ 12y agobalance sheet
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Does the statement of changes in financial position derives its information from the income statement?
No, the statement of changes in financial position does not derive its information from the income statement. The statement of changes in financial position shows the sources and uses of funds during a specific period, including cash flow from operating, investing, and financing activities. It provides a different perspective than the income statement, which focuses on revenues, expenses, and net income.
What errors would cause the statement of financial position not to balance?
entering a liability on the statement of comprehensive income as income
What are the different accounting reports?
-statement of financial position, -statement of profit and loss and other comprehensive income, statement of cash flows, -statement of change in equity, -Notes to the account
Where on the income statement can you find fixed assets?
Fixed assets do not appear on the income statement. They are shown on the balance sheet (statement of financial position).
Is a cash flows part of a financial statement?
No. Cash flow is not part of a financial statement, but is a finance statement along with the statement of comprehensive income and statement of financial position. Cash flow shows the liquidity of an organisation.
Is income statement same as financial statement?
no. income statement is a only a statement in financial statements.
Three key financial statements that corporations are required to prepare?
Statement of financial position ( Balance sheet) , Statement of Comprehensive Income ( Profit and Loss Account or Income and Expenditure account), Cash flow statement.
What are the two major financial statement?
They are the Income Statement also known as Profit and Loss and the other one is the Statement of Financial Position also known as Balance Sheet.
Does accounts payable go on the income statement?
No, it is a Liability and will thus be presented on the Balance Sheet (Statement of Financial Position)
What are the accounting requirements of not-for-profit organizations?
Three financial statements are required to be issued: a statement of financial position (balance sheet), a statement of activities (income statement), and a statement of cash flows
Which financial statement summarises income and expenditure?
income statement
Describe a balance sheet income statement retained earnings statement and statement of cash flows How does a company use these financial sta?
To check on the financial position of the company eg: payables and receiveables
