Financial statement period of time
The three financial statements are: (1) the Income Statement Income Statement The Income Statement (or Statement of Profit and Loss) shows performance from operations of a business. The financial statement begins with revenues and, (2) the Balance Sheet Balance Sheet The balance sheet is one of the three fundamental financial statements.The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the. Balance Sheet Wrong. The balance sheet reports assets, liabilities, and stockholders' equity. Income Statement Right! financial statement period of time
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the financial statement or statements pertain to a stated period of time is balance sheet. Upvote ( 0 ) Downvote Reply (0) Report More Questions Like This The financial statements are comprised of four basic reports, which are as follows: Income statement. Presents the revenues, expenses, and profitslosses generated during the reporting period. This is usually considered the most important of the financial statements, since it presents the operating results of an entity. Balance sheet.financial statement period of time An income statement often states that it is prepared for a particular period, referred to as the income statement period. The income statement reports on a company financial performance, namely
An accounting period is a period of time such as the 12 months of January 1 through December 31, or the month of June, or the three months of July 1 through September 30. It is the period for which financial statements are prepared. For example, the income statement and the cash flow statement financial statement period of time Income Statement. The P& L is always for a specific period of time, such as a month, a quarter or a year. The periodic nature of the income statement is essential as this allows users to compare results for the company over similar periods of time, and to the results of other firms for the same period. Which financial statement covers a period of time? Balance sheet, income statement, statement of cash flows or both income statements and statement of cash flows. Explanation: The generalpurpose financial statements include the balance sheet, income statement, and retained earnings statement. The cash budget is an estimation of the cash inflows and outflows for a business or individual for a specific period of time. May 18, 2017 The Accounting period (Reporting period) is the time span for which a company or organization reports financial performance and financial position. Usually, firms define the accounting period to coincide with the firm's fiscal year.Rating: 4.82 / Views: 939