Business & economics · University
Financial statements · revision notes
A report of revenue and expenses over a period.
Key ideas and conditions
Income statement
A report of revenue and expenses over a period.
Balance sheet
A report of assets, liabilities and equity at a point in time.
Cash flow statement
A report grouping cash inflows and outflows by activity type.
Retained earnings
Accumulated earnings retained in the entity after distributions, subject to the accounting framework.
Explain without looking
- Give a short example showing how Cash flow statement would be used in practice.
- Summarize why Retained earnings matters in the lesson “Financial statements”.
Further reading and review references
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