Here's a list of financial statements, along with a brief description of each! #FinancialStatements #Accounting #Finance #Business #Entrepreneurship.

Here's a list of financial statements, along with a brief description of each! #FinancialStatements #Accounting #Finance #Business #Entrepreneurship.

Below is a brief explanation of financial statements and their components ??:

1. Income Statement (Profit and Loss Statement) ??:

- Purpose: It shows a company's revenues ??, expenses ??, and net income during a specific period.

- Key Components: Revenue, Cost of Goods Sold (COGS), Gross Profit, Operating Expenses, Net Income.

2. Balance Sheet (Statement of Financial Position) ??:

- Purpose: It provides a snapshot of a company's financial status at a specific point in time, detailing its assets ??, liabilities ??, and equity ??.

- Key Components: Assets (Current and Non-current), Liabilities (Current and Non-current), Shareholders' Equity.

3. Cash Flow Statement ??:

- Purpose: It tracks the inflow ?? and outflow ?? of cash over a specific period, categorizing activities into operating, investing, and financing.

- Key Components: Operating Cash Flow, Investing Cash Flow, Financing Cash Flow, Net Change in Cash.

4. Statement of Changes in Equity (Equity Statement) ??:

- Purpose: It outlines the changes in equity accounts over a specific period, including common stock, retained earnings, and other components.

- Key Components: Beginning Equity, Net Income (or Loss), Dividends, Stock Issuances/Repurchases, Ending Equity.

5. Notes to the Financial Statements ??:

- Purpose: It provides additional information and details about the financial statements, explaining accounting policies, assumptions, and other relevant information.

These financial statements provide stakeholders ?? with a comprehensive view ?? of a company's financial health ??, performance ??, and position ??, enabling informed decision-making ??.

#accounts #accounting #linkedinlearning #linkedinforcreators #linkedin #finance #financeandaccounting #financialeducation #accountingservices #accountingprofessionals #financeeducation LinkedIn LinkedIn Learning LinkedIn Guide to Creating