Lecture 13-14 (Published financial statements) Flashcards
1
Q
What is included in the annual report and accounts?
A
Primary financial statements
Notes to financial statements
Accompanying information
2
Q
Why are there no balances carried forward from the income statement?
A
Income statement is for the year under review.
3
Q
Why are there balances carried forward from statement of financial position?
A
As at specific date, but balances constantly moving, hence we need to consider starting position.
