Question

In: Accounting

What three things should all annual reports include?

What three things should all annual reports include?

Solutions

Expert Solution

The three things should all annual reports include -

Income statement or profit and loss account - Income statement is the part of the financial statement that indicate the revenues and expenses of the company during a particular period of time. The profit or loss of the company is determined by subratraction expenses from revenues.

Balance sheet - Balance sheet is a statement that shows the assets, liability and equity of the company during a particular period of time. If shows the financial condition of the company. The balance sheet depend on the equation.

Assets = Liabilities + Equity

Cash flow statement - Cash flow statement is one of the financial statement that shows the cash inflow and cash Outflow in the company during a particular period of time.

The cash flow statement has three elements - cash flow from Operating activity, cash flow from Financing activity and cash flow from Investing activity.

All the three are the major financial statement that includes in the annual reports of the company.


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