Define Statement of fi nancial condition
Chapter1: Accounting As A Tool For Managers
Section: Chapter Questions
Problem 6EA: Match the term with the description:
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Question
Define Statement of fi nancial condition
Expert Solution
Step 1
The financial statements of any business firm is prepared for telling the financial results of the operations of business om :
- capital funds
- cash flow
- assets and liabilities
- market value of the company.
It tells about the financial reporting of various transactions and the temporary & permanent balance of accounts created. The financial statement includes :
- Statement of Profit and loss
- Statement of Cash flow
- Statement of Financial condition / Financial Position.
- Statement of other Comprehensive Income
- Statement of Changes in Equity.
Note : The accounting terms and standard words cannot be written in alternate words.
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