Financial Statements

The Balance Sheet (or Statement of Financial Position) lists all the assets, liabilities, and equity of an entity for a specific period.

These are the specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements

What do you call the information accumulated and processed in financial accounting which is periodically communicated to the users? Without such, users may not be able to arrive at sound economic decisions.

This statement presents a summary of the revenues and expenses of an entity for a specific period

Per March 2018 Conceptual Framework for Financial Reporting, the objective of financial statements is to provide financial and nonfinancial information about the entity's assets, liabilities, equity, income and expenses.

Notes to Financial statements provide narrative descriptions or disaggregation of items presented in the statements and information about items that do not qualify for recognition in the statements

The statement of changes in equity presents a summary of the changes in capital such as investments, profit or loss, and ______________________ during a specific period

The Statement of Cash Flows reports the amount of cash received and disbursed during the period

According to PAS No. 1, financial statements shall be presented at least quarterly.

In a Single Statement of Comprehensive Income, this presents all items of profit or loss, and a separate  statement of comprehensive income which presents the profit or loss plus or minus the components of other comprehensive income