EBK PERSONAL FINANCE TAX UPDATE
EBK PERSONAL FINANCE TAX UPDATE
13th Edition
ISBN: 9780357438930
Author: FORGUE
Publisher: VST
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Chapter 3, Problem 5DTM
Summary Introduction

To determine: Preparation of balance sheet and cash flow statement

Introduction:

Financial statements: It shows value of assets and liabilities of an individual or family as well as their income and expenditure. The two most useful statements are balance sheet and the cash-flow statement.

A balance sheet defines an individual’s financial position on a stated date by showing assets, liabilities and net worth.

The cash-flow statement lists income and expenditures taken place over a specific period. It statesfrom where money came and from where it went.

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