This provides information on how to record financial statements like comprehensive income( income statement) , Changes in equity, balance sheet ( Statement of financial position) Check and follow me for more info on Financial accounting,
Unit 3: Introduction to Financial Statements
The different financial statements
In this module we will learn more about three financial sta
which are commonly used across all business combinations
The Statement of Comprehensive Income,
The Statement of Financial Position and
The Statement of Changes in Equity (refer to figure 3.1).
It is important to understand the difference between each
financial statement, their purpose and the correct for
prepare them.
, Unit 3: Introduction to Financial Statements
The different financial
statements
FINANCIAL
STATEMENTS
STATEMENT OF
FINANCIAL
POSITION
STATEMENT OF STATEMENT OF
COMPREHENSIVE CHANGES IN
INCOME EQUITY
, Unit 3: Introduction to Financial Statements
The statement of comprehensive income: purpose and importance to the
organisation
The purpose of the statement of comprehensive income is to calculate the
profit or loss for an organisation during a particular period.
This statement is generally prepared more than once per year.
Profit can be described as the difference between all receipts (income) and
expenses for a particular period. It is an important statement for
management since it can tell management a lot about how efficient the
business is operated.
However, organisations should not only focus on whether the business is
making profit but also on how it is generated.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BookSquad. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.85. You're not tied to anything after your purchase.
