Accounting - Types of Accounting Reports

Question 1

What are the three types of Accounting Reports?

Answer 1

Balance Sheet, Cash Flow Statement and Income Statement

Question 2

What is a Balance Sheet?

Answer 2

An Accounting report that details a firm’s financial position at a particular point in time, by reporting its assets, liabilities and owner’s equity.

Question 3

What is a Cash Flow Statement?

Answer 3

An accounting report that reports all cash flows during a reporting period, classified as Operating, Investing and Financing.

Question 4

What is an Income Statement?

Answer 4

An Accounting Report that details the revenue earned and expenses incurred during the reporting period.