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7 Cards in this Set
- Front
- Back
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Four types of financial statements |
1. Statement of financial position 2. Statement of comprehensive income 3. Statement of changes in equity 4. Statement of cash flows |
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Statement of financial position |
Reports the position of the entity at a specific point in time. Assets = liabilities + shareholder's equity |
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Statement of comprehensive income |
Reports the change in shareholder's equity during a period from business activities, excluding exchanges with shareholders. Revenues - expenses = Net earnings + Other Comprehensive Income = Comprehensive Income |
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Statement of changes in equity |
Reports all changes to shareholder's equity during the accounting period. Equity (beginning of the period) + Net earnings for the years + Other comprehensive income - Dividends +/- Other changes = Equity, end of the period |
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Statement of cash flows |
Reports cash inflows and outflows that are related to operating, investing, and financing activities during the accounting period. +/- Cash flows from operating activities +/- Cash flows from investing activities +/- Cash flows from financing activities = Change in Cash |
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Basic accounting equation |
Assets = Liabilities + Shareholder's Equity |
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IFRA |
International Financial Reporting Standards are guidelines for the measurement rules used to develop the information in financial statements. |
