Accounting Principles and Procedures

Question 1

What is a profit of loss statement

Answer 1

Is a financial statement that summarizes the revenues, costs, expenses, and profits/losses of a company during a specified period.

Question 2

What is a balance sheet

Answer 2

A financial statement that reports a company’s assets, liabilities, and shareholder equity

Question 3

What is a cash-flow statement

Answer 3

A cash flow statement tracks the inflow and outflow of cash, providing insights into a company’s financial health and operational efficiency.

Question 4

What are the types of financial statements

Answer 4

Profit and loss statement, balance sheet, and cash flow statement