How are financial statement titled?

Answer 1

Financial statements include reports such as:

- balance sheet

- income statement

- statement of profit & loss

and so on

Different reports have different headings. There are two main types:

(1) for reports which show only the correct figures for a PARTICULAR date

eg. BALANCE SHEET

(2) for reports which show movement of (eg.money) throughout the year

eg. INCOME STATEMENT (and most other reports)

Heading for type 1:

Sheila's Shearing Supplies

Balance Sheet

as at 30th June 2012

Heading for type 2:

Sheila's Shearing Supplies

Income Statement

for the period ended 30th June 2012

Hope this helps.