Financial Reporting - ANSWER provide financial info. about the reporting entity that is useful to existing and potential investors, lenders, and other creditors in making decisions about providing resources to the entity. Decisions are buying, selling, or holding debt and equity, loans or credit
balance sheet - ANSWER statement of financial position or condition. at a point in time assets: resources controlled by firm liabilities: amounts owed to lenders or creditors equity: residual interest in the net assets of an entity after deducting liabilities A = L + SE
statement of comprehensive income - ANSWER reports all changes in equity except for shareholder transactions (stock issuance, repurchases, and dividends)
income statement - ANSWER profit and loss or operations. performance over a period of time -revenues, expenses, gains and losses. -other income includes gains that may not arise in the ordinary course of business IFRS: Income statement can be combined with other comprehensive income and presented as a single statement of comprehensive income or separately GAAP: same for gaap but firms can also choose to report comprehensive income in the statement of SE
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