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Be able to prepare financial statements reflecting basic transaction information. There are four main types of financial statements which are as follows. Statement of Owners Equity - also known as Statement of Retained Earnings or Equity Statement.

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Know the proper headings with their dating for the balance sheet income statement and statement of retained earnings.

Four accounting statements. Balance Sheet Example Lesson Five. Together they represent the profitability and strength of a company. Ad Generate Detailed And Custom Financial Statement Reporting.

Ad Generate Detailed And Custom Financial Statement Reporting. All of the four financial statements are linked to one another. The management will use the income statement for assessing the use of assets as well as liabilities during the reporting period.

Definition Examples Objectives this page Lesson Two. Thanks to GAAP there are four basic financial statements everyone must prepare. The financial statement that reflects a companys profitability is the income statement.

The Four Types of Financial Statements. Typically youll need all four. Cash Flow Statement Example Lesson Six.

The income statement the balance sheet the statement of cash flow and the statement of owner equity. By preparing these four accounting financial statements you will be able to see how well your companys finances are doing or find areas that need improvement. GAAP requires the following four financial statements.

Financial statements are how companies communicate their story. Income Statement Quiz Lesson Three. The cash flow statement which shows the inflows and outflows of cash enables the management to learn about the total amount of cash on hand.

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