Beruflich Dokumente
Kultur Dokumente
Topic 2
Explain the main elements of financial
Elements of Financial statements
Statements Describe the purpose of financial
statements
Identify the main types of business
transactions
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Primary Financial Statements Balance Sheet
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Income Statement Example of Income Statement
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Depicts the ways cash has changed Assets – Liabilities = Proprietor's Capital
during a designated period of time. Horizontal format balance sheet is an
expansion of this form of the accounting
equation
Assets = Proprietor's Capital + Liabilities
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Assets Assets
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Liabilities Liabilities
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Owners’ Equity Changes in Owners’ Equity
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Revisiting Accounting Relationships Among Financial
Equation Statements
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