Financial statement: Financial statement are the part of
Income statement (I): It includes the information of net income earn or net loss suffered by the company. The expenses deducting from revenue and the resultant is net income or loss to the company. This is informative report that help the user of financial information to take decision.
Statement of
Statement of cash flows(CF): Cash flow statement shows the changes in cash. When there is any change in the balance sheet, that will be shown in cash flow statement. The cash flow statement record the changes in cash terms, means only cash transaction are account for. Non cash transaction is not record in the cash flow statement.
To identify: Item that are either an income statement (I), balance sheet (B), statement of retained earnings (E), statement of cash flows (CF)
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Financial and Managerial Accounting (Looseleaf) (Custom Package)
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