History and development of accounting record

FINANCIAL STATEMENTS

Income Statement:

Reports revenues less expenses for a particular period of time

Balance Sheet:

Reports assets and claims to those assets at a particular point in time

Statement of Changes in Equity:

Reports amount of profit for the period and the changes in equity

Cash Flow Statement:

• Reports information regarding cash receipts and cash payments for a particular period of time

Definition: FRS 101

The Concept of the Business Entity

Vagabond Travel Agency

A business entity is separate from the personal affairs of its owner.

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