balance sheet

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4 Terms

1
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What are the Financial Statements?

Balance Sheet 

Income Statement 

Statement of Comprehensive Income 

Statement of cash flows 

Statement of owners’ equity

2
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Other comprehensive Income include

Unrealized gains or losses on investment ex: holding stocks.

Foreign currency translation adjustment. 

Adjustments related to pensions plan.

3
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What does the statement of earnings (income statement) report?

.It reports revenues and expenses over a period to measure performance and operating risk.

4
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What does the statement of comprehensive income include?

.It includes net income plus other comprehensive income (OCI) items to show total changes in equity not from owner transactions.