Financial Statements

Financial statements (or financial reports) are a record of a business' financial flows (revenues/expenses) and levels (assets/liabilities). The big four statements are :

1. Balance sheet which describes a company's assets, liabilities and net equity at both a specific point of time and at the beginning of the period of time.
2. Income statement which describes a company's income, expenses and net income/loss over a period of time.
3. Cash flow statement which describes how much cash was used in corporate operating, investment, and financing activities over a period of time.
4. Statement of changes in shareholder equity which reconciles the difference between the equity at the two different points in time..

Additional Links to Accounting Problems and Examples:

Accumulated Depreciation Balance Sheet
How to Calculate Net Income
Accounting Financial Statements
Credit Sales and Purchases Accounting Problems

Accounting Income Statement