Answered: describe the roles of the key fi…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter1: The Demand For And Supply Of Financial Accounting Information

Section: Chapter Questions

Problem 19GI

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Question

describe the roles of the key fi nancial statements (statement of fi nancial position, statement
of comprehensive income, statement of changes in equity, and statement of cash fl ows) in
evaluating a company’s performance and fi nancial position

Expert Solution

Solution:

Financial statements are said to be the basic statements which are used to evaluate the performance and financial position of the company which is necessary to determine the survival and growth aspects in the market.

Financial statements consist of four major records;

Income statement
Balance sheet
Cash flow statement
Notes to accounts

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