Lecture 13-14 (Published financial statements) Flashcards Preview

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Flashcards in Lecture 13-14 (Published financial statements) Deck (3)
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1
Q

What is included in the annual report and accounts?

A

Primary financial statements
Notes to financial statements
Accompanying information

2
Q

Why are there no balances carried forward from the income statement?

A

Income statement is for the year under review.

3
Q

Why are there balances carried forward from statement of financial position?

A

As at specific date, but balances constantly moving, hence we need to consider starting position.