types of statements
1 page paper talking about Basic types of statements, some key performances ratios, and ethical considerations, surrounding financial statements.
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There are four basic types of financial statements. They include the balance sheet, the income statement, the statement of retained earnings and the statement of cash flows. The balance sheet report the financial position of a company or entity at a particular point in time. The income statement also known as the statement of earnings is used to report the accountant’s primary measure of performance of a business. It is clearly depicted by the revenues less expenses during the accounting period. The statement of retained earnings covers a specified period of time which is the accounting period. It is used to report the way that net income and the distribution of dividends affected the company’s financial position during the accounting period………………………………………
APA
316 words