Basic Financial Statements Flashcards
Remember the content contained in each type of financial statement
1
Q
Financial Performance
A
Profitability, revenue growth and overall earnings
Income, expenses, profit
2
Q
Financial Position
A
Resources controlled
Assets, liabilities and equity
Equity = Net assets
3
Q
Narrative format of the accounting equation
A
Assets-Liabilities = Equity
4
Q
Account format of the accounting equation
A
Equity+Liabilities = Assets
5
Q
Cash flows
A
Cash inflows and outflows of an entity
