Income statement, statement of stockholders' equity, balance sheet, statement of cash flows.
Financial statements are compiled in a specific order due to the fact information from one statement contains over to the next assertion. The trial stability is the first step within the method, followed by means of the adjusted trial balance, the income statement, the balance sheet and the statement of owner's equity. The financial statements ought to be prepared within the following order earnings statement, retained earnings statement, balance sheet and statement of coins flows.
Balance sheet is prepared as of a specific date while Income statements, retained earnings statement, and a statement of cash flows are all for a period of time such as a month.
A complete set of financial statements comprises: a statement of financial position as at the end of the period; a statement of profit and loss and other comprehensive income for the period.
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