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3 Cards in this Set
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- Back
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Financial accounting
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Measures an enterprise's performance over time and it's potion at a point in time. Main reports are : B/S , I/S and Statement of Cash flow .
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Balance Sheet
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Provides a snapshot of the Financial position of an organization at a point in time. It shows the relationship between Asset , Liability and Shareholder's equity of the organization .
A = L+ SE . B/S AS AT 30 JUNE 2012 |
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Income Statement
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Calculates the profitability ( PROFIT / LOSS) of an entity for the reporting period by deduction Expenses from Revenue. Net profit/Loss = Revenue - Expenses
I/S FOR THE PERIOD ENDED 30 JUNE 2012 |
