Question

7. Accounting information refers to financial statements. The information provided by
these statements can be categorised into various types. Briefly describe them.​

Answer 1

Answer:

• There are four primary financial reports that indicate the well-being of a business: balance sheet, income statement, capital statement and cash flow statement.
• The financial statements used in financial accounting present the five main classifications of financial data: revenues, expenses, assets, liabilities and equity. Revenues and expenses are accounted for and reported on the income statement. They can include everything from R&D to payroll.

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