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What Are the Different Types of Financial Accounting Statements?

Types of Financial Accounting Statements Explained by Academic Experts. This presentation is an overview of financial accounting statements. For more information visit - https://www.myassignmentservices.com/financial-accounting-statements-assignment-help.html<br>

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What Are the Different Types of Financial Accounting Statements?

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  1. What Are the Different Types of Financial Accounting Statements?

  2. What are financial accounting statements and why are they vital? The company runs by maintaining different factors and financial accounting is one of them. Any organization can plan its growth only when they know about its financial status. The financial accounting statement includes the financial status report from a different aspect of the organization. It is also used by the stakeholders, investors, and other external entities to judge their decision towards the organization. These reports portray the situation of the organization vividly. There are three major types of reports that complete the financial accounting statements. Here we will be discussing these as it will be resourceful for the financial accounting statements assignment help.

  3. Balance Sheet It talks about the assets, equity, and liabilities of the entity. It is a tabular sheet that takes care of the set of balances, and balance can change almost daily. This is the reason the balance sheet is prepared by the end of the specific date. Assets in the balance sheet come under the classification of the current assets and the equipment in the organization. The liabilities have the classifications of long-term liabilities and current liabilities. And the equity is the preferred stocks; common stocks earnings are mentioned in a distinguished way.

  4. Cash Flow Statement The cash flow talks about net cash that flows in and out of the organization in any way. The cash flow statements talk about the cash outflow and inflow at the time the report is being prepared. This is the report which is also used to understand the details of the income statement reports. The profit and loss of the company can be seen properly with depth through the cash flow report. The external entities generally demand this financial accounting report. This report is a statement talking about cash generation and how it’s used in different organizational activities. The operation activity, financing activity, and investing activity are their categories for the cash to be used.

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