Describe the purpose and content of each of the financial statements.

Question

Quizplus · Accepted Answer

The Answer is The income statement presents the revenues and expenses of a company for a specific period of time.The statement of changes in equity summarizes the changes in shareholders' equity that have occurred for a specific period of time.The statement of financial position reports the assets, liabilities, and shareholders' equity of a business at a specific date.The statement of cash flows summarizes information about the cash inflows (receipts) and outflows (payments) for a specific period of time.Notes to the financial statements add explanatory detail where required.The financial statements are included in an annual report, along with nonfinancial and other financial information.

Describe the Purpose and Content of Each of the Financial