A financial statement can be written in many forms, but in most countries there are four (4)
basic financial statements that are standard. They are:
Balance sheet
A balance sheet is a financial statement that includes everything the subject owns (called assets and equity) and owes (called liability or debt). For a person, an asset may be their house or car, and their liability may be their mortgage and credit cards. It is the statement prepared with a view to measure the financial position of a business on a certain date.
Income statement
An income statement is a financial statement that includes the subject's income, expenses and profit. This is also known as a profit and loss account.
Owner's equity
A statement of owner's equity is a financial statement that includes what part of the subject belongs to the owner, such as the amount of a company that belongs to the investor.
Cash flows....
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