4 BASIC FINANCIAL STATEMENT
FINANCIAL STATEMENT
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Accounting business management, Summaries of Accounting
Accounting business management
Typology: Summaries
2022/2023
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4 BASIC FINANCIAL STATEMENT
FINANCIAL STATEMENT
FINANCIAL STATEMENT (FS)
- (^) Financial Statement (FS) It is formal accounting report of the financial activities of the a business, or other entity which relevant information is presented in a structure manner and in a standard form which is easy to understand.
THE STATEMENT OF FINANCIAL PERFORMANCE (SFP) It is also known as profit and loss account is one of the financial statement shows the company’s revenues and expenses during the particular period. It indicates how the revenues are transformed into the net income or net loss. The information needed to prepare this accounting report are the total balance of income or the revenues, and the total balance of the expenses in the trial balance base on their balances in the ledger.
The 2 parts of SCI, the heading which comprises the name the company, the name of the of the financial stamen at the date. The body is the second part which comprises the total balance of the income less the total balance of the expenses. Below is the standard form of SCI.