Financial Statements

Question 1

Define an Income Statement / Statement of Profit or Loss

Answer 1

Financial performance over the accounting period

Question 2

Balance sheet / Statement of Financial Position

Answer 2

Financial position at the reporting date

Question 3

Cash Flow Statement

Answer 3

Cash in / out during the reporting period

Question 4

Statement of Change in Equity

Answer 4

Changes in owner’s equity throughout the accounting period