Types of Financial Statements

Accountancy and financial management are reliant on the production and analysis of multiple key documents. Both the business and its accountants must be able to see the current position, past and expected future performance of the organization at a glance. Most key financial reports and documents are inter-dependent, meaning each must be flawless without exception. A single error in one key financial report could potentially render many others inaccurate. In business accountancy, the smallest errors can trigger the most drastic consequences. It is the responsibility of the accountant to ensure that all key financial reports are flawless in their accuracy and completeness.

This intensive tutorial provides existing and prospective accountants alike with a comprehensive overview of the most important financial reports and documents. Study the different types of financial statements and several types of financial reports, including balance sheets, income statements, cash flow statements, retained earnings records and statement of changes in financial position. Learn how to work with debits and credits, while examining the difference between single and double-entry accounting.