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Commonly, financial statements consist of the BALANCE SHEET, INCOME STATEMENT, STATEMENT OF STOCKHOLDERS EQUITY and the CASH FLOW STATEMENT. Different industries and businesses have different names for some of the statements and add to, or use combination of, the forms above. The not-for-profit industry, for example, generally calls the balance sheet the STATEMENT OF FINANCIAL POSITION and the income statement the STATEMENT OF ACTIVITIES.
In business and analytical circles, the document containing the auditors report, the collection of applicable statements, and the accompanying notes are collectively referred to as the financial statements.
-APMc
What else can I help you with?
What are the two important financial statements produce by accounting?
Following is the two major financial statements: 1 - Income statement 2 - Balance Sheet
How might changing one of the financial statements affect the other financial statements?
How might changing one of the financial statements affect the other financial statements?
What are limitations of financial management?
Financial Statements Are Derived from Historical Costs. ... Financial Statements Are Not Adjusted for Inflation. ... Financial Statements Do Not Contain Some Intangible Assets. ... Financial Statements Only Cover a Specific Period of Time. ... Financial Statements May Not Be Comparable. ... Financial Statements Could be Wrong Du
What are the limitations of management?
Financial Statements Are Derived from Historical Costs. ... Financial Statements Are Not Adjusted for Inflation. ... Financial Statements Do Not Contain Some Intangible Assets. ... Financial Statements Only Cover a Specific Period of Time. ... Financial Statements May Not Be Comparable. ... Financial Statements Could be Wrong Du
Two financial statements are prepared from the information on the work sheet?
yes
What areinancial statements in which financial data for two or more companies are combined as a single entity called?
consolidated statements
Why are dates important on financial statements?
Why are the dates on financial statements important
What are the elements of financial statements?
Five elements of financial statements are as follows:AssetsLiabilitiesEquityIncomeExpense
What are projected financial statements?
Projected financial statements are estimated financial statements before starting of any operating activity for planning purpose.
What two company officers are required to certify the financial statements?
CE and CF
What are two types of financial records?
2 types of financial records could be utility/service bills and mortgage statements.
Have financial statements lost its importance?
No. Financial Statements are the only way to measure financial performance. Perhaps the questioner should elaborate why he/she thinks that financial statements may have lost their relevance.
