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3 Cards in this Set
- Front
- Back
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Income statement |
Reports the profitability of business operations for a specific period of time. Subtracts expenses from revenue to determine net income or loss. Also referred to as profit and loss statement or operating statement. |
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Statement of owner's equity |
Reports the activities that affected owners equity for a specific period of time. Uses net income from the income statement |
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Balance sheet |
Reports a firm's assets, liabilities, and owner's equity on a specific date. Confirms that the accounting equation has remained in valance. Also referred to as a statement of financial position or statement of financial condition. |
