Financial Statements Flashcards
1
Q
financial statement
A
written records that shows the business status and activity
2
Q
income statement
A
profit and loss statement
3
Q
revenue
A
a companies revenue from sales or services
4
Q
fs components?
A
revenue, cogs, gross profit, net income
5
Q
cogs
A
cost of goods or custom sales or custom srrvices
direct cost associated with selling teh product
6
Q
gross profit
A
revenue - cogs
7
Q
net income
A
deducting all expenses from pre tax income > final total
8
Q
What does the balance sheet show?
A
assets, liability, equity
9
Q
Accounting equation =
A
assets = liabilities + owners equity
10
Q
cashflow statement
A
presents the movement in cash and bank balances
