TYPES OF FINANCIAL STATEMENTS

There are 2 basic financial statements:

1. The position statements or the balance sheet.

2. The income statement or the Profit and Loass account However, Generally Accepted Accounting Principles (GAAP) specify that a full fledged set of financial statements must included:

• A Balance sheet
• An Income Statement
• A Statement of charges in owners account, and
• A Statement of changes in financial position.