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11 Cards in this Set
- Front
- Back
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Income Statement
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reports success or failure of a business for a period of time with revenues and expenses
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Retained Earning Statements
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reports amounts and causes of changes in retained earnings during a period of time
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Balance Sheet
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reports assets and claims to assets at a specific point in time
Claim of Creditors-liabilities Claim of Owners-stockholders' equity |
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Statement of Cash Flow
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reports information about cash receipts and cash payments for a specific period of time
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Trial Balance
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Lists accounts and balance of each account, debit or credit
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Management Discussion and Analysis
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Mentions financial aspects such as ability to pay near-term obligations, how to fund operation and expansion and results of operations.
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Notes to the Financial Statements
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Clarifies financial statements and provides additional information
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Auditor's Report
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Independent outside auditor that states opinion as to fairness of presentation of financial position, results of operations and conformance with generally accepted accounting principles
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Sole Proprietorship
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Business owned by one person
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Partnership
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Business owned by two or more associated partners
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Corporation
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Business owned as separate business entity owned by stockholders
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