Financial Statements
ASSIGNMENT NO 1.
SUBJECT NAME: MGT 430
STUDENT NANE: SAIMA BOSTAN
ROLL NO: 042
QUESTION NO 1:
IDENTIFY THE MAJOR FINANCIAL STATEMENTS AND OTHERS MEANS OF REPORTING.
FININCAL STATEMENTS: The statements prepared to show the financial position of the business is known as financial statements. These statements provide financial information of an equity to internal and external users and decision makers.
MAJOR FINANCIAL STATEMETS: The three main financial statements are as follow:
1: Income statement 2: Balance sheet 3: Statement of cash flows
1:- INCOME STATEMENT: The statement that shows the expenses and revenue of an entity or corporation is called income statement. It includes the "Trading and a Profit and Loss A/c" which is prepared to ascertain the net profit or net loss of the business for a specific accounting period.
2:- BALANCE SHEET: The balance sheet is prepared to know the amount of assets, liabilities and owner's equity on a particular date. It is also known as statement of financial position. It shows the economic resources of an organization referred to as assets, and the claims that creditors and owners have against assets. Economic obligations of an organization are called liabilities, and owners' claims are referred to as owners' equity or capita.
3:- CASH FLOW STATEMENT: This statement provide information on the change in the corporation's cash and cash equivalent during the same period of time as income statement.
FINANCIAL REPORTING: Financial reporting is a broader concept than financial statement that refers to all information that is available to investers,creditors and other external
SUBJECT NAME: MGT 430
STUDENT NANE: SAIMA BOSTAN
ROLL NO: 042
QUESTION NO 1:
IDENTIFY THE MAJOR FINANCIAL STATEMENTS AND OTHERS MEANS OF REPORTING.
FININCAL STATEMENTS: The statements prepared to show the financial position of the business is known as financial statements. These statements provide financial information of an equity to internal and external users and decision makers.
MAJOR FINANCIAL STATEMETS: The three main financial statements are as follow:
1: Income statement 2: Balance sheet 3: Statement of cash flows
1:- INCOME STATEMENT: The statement that shows the expenses and revenue of an entity or corporation is called income statement. It includes the "Trading and a Profit and Loss A/c" which is prepared to ascertain the net profit or net loss of the business for a specific accounting period.
2:- BALANCE SHEET: The balance sheet is prepared to know the amount of assets, liabilities and owner's equity on a particular date. It is also known as statement of financial position. It shows the economic resources of an organization referred to as assets, and the claims that creditors and owners have against assets. Economic obligations of an organization are called liabilities, and owners' claims are referred to as owners' equity or capita.
3:- CASH FLOW STATEMENT: This statement provide information on the change in the corporation's cash and cash equivalent during the same period of time as income statement.
FINANCIAL REPORTING: Financial reporting is a broader concept than financial statement that refers to all information that is available to investers,creditors and other external