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Lecture Note 3

The document outlines key financial statements including the Income Statement, which details revenues and expenses to calculate net profit or loss; the Balance Sheet, which presents assets, liabilities, and equity based on the accounting equation; and the Cash Flow Statement, which tracks cash inflows and outflows across operating, investing, and financing activities. Additionally, it mentions the Statement of Changes in Equity, which reflects changes in owners' equity during the period.

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6 views1 page

Lecture Note 3

The document outlines key financial statements including the Income Statement, which details revenues and expenses to calculate net profit or loss; the Balance Sheet, which presents assets, liabilities, and equity based on the accounting equation; and the Cash Flow Statement, which tracks cash inflows and outflows across operating, investing, and financing activities. Additionally, it mentions the Statement of Changes in Equity, which reflects changes in owners' equity during the period.

Uploaded by

maxwellloughty
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Lecture Note 3: Key Financial Statements

1. Income Statement:

- Shows revenues and expenses

- Calculates Net Profit or Loss

2. Balance Sheet:

- Shows assets, liabilities, and equity

- Based on the accounting equation

3. Cash Flow Statement:

- Shows inflows and outflows of cash

- Divided into: Operating, Investing, and Financing activities

4. Statement of Changes in Equity:

- Shows changes in owners' equity during the period

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