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A bank statement is an official summary of financial transactions for each bank account held by a person or business. Learn about the history, types, uses, and laws of bank statements in different countries.
A financial statement is a formal record of the financial activities and position of a business, person, or other entity. It typically includes four basic statements: balance sheet, income statement, cash-flow statement, and statement of equity.
An income statement shows the revenues and expenses of a company or organization during a period of time. It indicates how the revenues are transformed into the net income or net profit, and it is useful for assessing the financial performance and capability of generating future cash flows.
A balance sheet is a financial statement that shows the assets, liabilities and equity of an individual or organization as of a specific date. Learn about the types, formats, categories and examples of balance sheets for different entities and purposes.
Financial accounting is the branch of accounting that records and reports financial transactions of a business for external users. It involves the preparation of financial statements that comply with accounting standards and principles, such as relevance, faithful representation, and timeliness.
A cash flow statement is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents. It breaks the analysis down to operating, investing and financing activities and is useful in determining the short-term viability of a company.
Example: A sales account is opened for recording the sales of goods or services and at the end of the financial period the total sales are transferred to the revenue statement account (Profit and Loss Account or Income and Expenditure Account).
A chart of accounts is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Learn about the types, structure, administration and international aspects of charts of accounts.
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