+- Accountancy Forum (https://www.accountancy.com.pk/forum)
+-- Forum: The Profession (https://www.accountancy.com.pk/forum/forum-the-profession)
+--- Forum: Accounting and Audit (https://www.accountancy.com.pk/forum/forum-accounting-and-audit)
+--- Thread: Basic Accounting Concepts (/thread-basic-accounting-concepts)
Basic Accounting Concepts - heartx hacker - 02-04-2010
hello every one
i want to know about the basic four components on which the financial statements made?
please please help me ... i want to clear my concepts
- Dard - 02-04-2010
Expenses, income, Assets, liabilities, capital
- faisal_desperado - 02-05-2010
Dear,
The followings are the components of Financial statements;
- Statement of financial position (balance sheet) at the end of the period.
- Statement of comprehensive income for the period (or an income statement and a statement of comprehensive income).
- Statement of changes in equity for the period.
- Statement of cash flows for the period.
- Notes, comprising a summary of accounting policies and other explanatory notes.
Let us know, if confusion still exists.
Best Regards,
- Dard - 02-05-2010
He asked components ON which financial statements are made, not the types
- Spectrum - 02-05-2010
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Dard</i>
<br />He asked components ON which financial statements are made,<b> not the types</b><hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Hahahaha
Miss Dard, your knowledge really admired me,[D]
Glad to know that faisal bhai has explained types of FS & not components.
Please check what are components, which IAS1 it self reveals;
http//www.iasplus.com/standard/ias01.htm
There are no such components <b>ON</b> which FS are made, atleast i haven't heard yet, however there may have some <b>principles</b> on the assumptions of which FS are made. lakin wo bhe assets ,liablity, income, expense etc nahi hotay.
- Dard - 02-05-2010
Us ne sawaal he aise poocha. He could have asked different components of financial statements, excluding the ON