Tag

Elements of Financial Statements

Browsing

Financial accounting is the branch of accounting that is concerned with the summary, analysis, and reporting of financial transactions relating to a business. The end product of Financial accounting involves the preparation of Financial Statements for the users of accounting information.A financial statement includes the following: An Income statement or Profit and Loss Statement is a Financial Statement showing the Company’s revenue and expenses for a particular period.A Balance Sheet is a statement of financial position…