An account is a financial statement of indebtedness from one person to another. It documents transactions and is integral to recording and maintaining financial records.
A Comprehensive Income Statement is a financial document that reports a company's total earnings, including those not realized in the income statement, such as unrealized gains and losses, allowing for a more inclusive picture of financial performance.
The financial position of a firm reflects the status of its assets, liabilities, and equity accounts as of a certain time. This is depicted on its financial statement and is also known as financial condition.
A financial statement is a written record of the financial status of an individual, association, or business organization. It includes a balance sheet, an income statement (or operating statement or profit and loss statement), and may also include a statement of changes in working capital, net worth, and cash flow.
A joint audit is an audit conducted by two or more auditing firms who collaborate to prepare a single audit report, enhancing the overall audit quality and credibility.
A nonrecurring charge is a one-time expense or write-off that appears in a company's financial statement. It is also called an extraordinary charge. This term includes unexpected events such as natural disasters, strategic business decisions like closing a division, or changes in accounting procedures.
A financial statement that summarizes the revenues, costs, and expenses incurred during a specific period of time, usually a fiscal quarter or year.
A financial statement summarizing the performance of an organization during a financial period, covering recognized gains and losses, dividend payments, and capital changes in shareholders' equity. Essential under the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102).
A statement can refer to a summary of financial transactions, a document showing the status of assets and liabilities, or an instruction in a computer program.
A comprehensive document that outlines a debtor's assets, liabilities, and creditor details in the context of bankruptcy proceedings, essential for assessing financial status during insolvency.
The Statement of Cash Flow is a financial statement that provides aggregate data regarding all cash inflows a company receives from its ongoing operations and external investment sources. It also includes all cash outflows that pay for business activities and investments during a given period. Essentially, it acts as a reconciliation of the opening and closing cash balance for a company.
A financial statement showing the extent to which shareholders' equity has increased or decreased from all the gains and losses recognized during a specific period, excluding transactions with shareholders.
A financial statement displaying the wealth created by a company through the collective efforts of capital, employees, and others, along with its allocation over an accounting period.
The presentation of a financial statement where debits and credits are displayed one above the other.
