Accounting prciniples Flashcards
1
Q
what are the key finincal statements
A
balance sheet
profit and loss statement
cash flow statement
2
Q
what is a balance sheet
A
assets vs liabilities
snapshot in time
3
Q
what is an income statement
A
revenue and expenses
specifc period
4
Q
what is a cashflow statement
A
In goings and outgoings of a buisness
over a period
5
Q
what is the role of an adutior
A
Inadapenant verity companys accounts and staements for accurary and complaniance
6
Q
what is GAAP
A
standard gudience and rules for finiancal reporting ensuring consistancy and transparency
