What are the 4 income statements?

What are the 4 income statements?

There are four main financial statements. They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders’ equity.

What are the 3 main categories of an income statement?

Broadly, the income statement shows the direct, indirect, and capital expenses a company incurs. Starting with direct, the top line reports the level of revenue a company earned over a specific time frame. It then shows the expenses directly related to earning that revenue.

What are the 5 main components of the income statement?

The income statement presents revenue, expenses, and net income. The components of the income statement include: revenue; cost of sales; sales, general, and administrative expenses; other operating expenses; non-operating income and expenses; gains and losses; non-recurring items; net income; and EPS.

What are the 5 types of financial statements?

The 5 types of financial statements you need to know

• Income statement. Arguably the most important. …
• Cash flow statement. …
• Balance sheet. …
• Note to Financial Statements. …
• Statement of change in equity.

What are the 4 types of accounting?

Discovering the 4 Types of Accounting

• Corporate Accounting. …
• Public Accounting. …
• Government Accounting. …
• Forensic Accounting. …
• Learn More at Ohio University.

What are the components of income?

Components of income: explaining some differences

• Earnings / employment income.
• Investment income.
• Retirement income.
• Government transfers.
• Other income.
• Total income.
• Income tax.
• After-tax income.

What are the 6 financial statements?

The Financial Accounting Standards Board (FASB) has defined the following elements of financial statements of business enterprises: assets, liabilities, equity, revenues, expenses, gains, losses, investment by owners, distribution to owners, and comprehensive income.

What are the 5 methods of financial statement analysis?

Five Financial Statement Analysis Techniques

• Trend analysis:
• Common-size financial analysis:
• Financial ratio analysis:
• Cost volume profit analysis:
• Benchmarking (industry) analysis:

What are the 7 types of accounting?

Types of accounting

• Financial accounting.
• Managerial accounting.
• Cost accounting.
• Auditing.
• Tax accounting.
• Accounting information systems.
• Forensic accounting.
• Public accounting.

What are the 5 major types of accounting?

There are five major account types: assets, liabilities, equity, revenue, and expenses.

What are the 5 basic accounting?

principles of accounting are; Revenue Recognition Principle, Historical Cost Principle, Matching Principle, Full Disclosure Principle, and Objectivity Principle.

What is reported in the income statement?

An income statement reports a business’s revenues, expenses and overall profit or loss for a specific period of time. It’s one of the three major financial statements that small businesses prepare to report on their financial performance, along with the balance sheet and the cash flow statement.

What is income statement formula?

The basic formula for an income statement is Revenues – Expenses = Net Income. This simple equation shows whether the company is profitable. If revenues are greater than expenses, the business is profitable.