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CHAPTER 2

CHAPTER 2. FINANCIAL STATEMENTS AND STANDARD, CONCEPT. FINANCIAL STATEMENTS. According to MASB1, financial statement is defined as a structured financial representation of the financial position of and the transactions undertaken by an enterprise Primary financial statements are :

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CHAPTER 2

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  1. CHAPTER 2 FINANCIAL STATEMENTS AND STANDARD, CONCEPT

  2. FINANCIAL STATEMENTS According to MASB1, financial statement is defined as a structured financial representation of the financial position of and the transactions undertaken by an enterprise Primary financial statements are : • Balance Sheet (or Statement of Financial Position) • Income Statement • Statement of Cash Flow

  3. BALANCE SHEET • Classified balance sheet - distinguishes between current and long term assets/liabilities • Comparative balance sheet - compare and identify any significant changes in particular items

  4. INCOME STATEMENT • Net income is the single best measure of a company’s economic performance over a specified period of time

  5. STATEMENT OF CASH FLOW • Statement of cash flow shows the significant cash inflows (receipts) and cash outflow (payments) of a company for a period of time. • These cash flows are classified according to operating, investing and financing activities

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