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SUMMARY:9.2 Financial Statements
DTSTART;TZID=America/Los_Angeles:20260407T190000
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DESCRIPTION: Financial statements are an organization’s primary means of financial communication. An organization’s transactions are recorded, classified, sorted, and summarized in order to produce financial statements.
The four major financial statements are:

Income Statement
Balance Sheet
Statement of Changes in Equity
Statement of Cash Flows

These statements provide different information but are linked together.
Income Statement: 
The income statement covers a period of time and it reports:

Revenues of the organization
Expenses (costs incurred in earning the revenues)
Profit or loss

Statement of changes in equity
Equity is equal to total assets minus total liabilities. It represents how much of the assets belong to the owner. Owner’s equity increases with owner investments and net income, while owner’s equity decreases with owner withdrawals and net loss.
Balance sheet
The balance sheet reports the assets, liabilities, and owner’s equity of an...

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