Intro to Financial Statements

Companies prepare $4$ financial statements to communicate financial information to users:

$\backslash$table$[[$Name$,$Definition,Components,Date$],[,\backslash$table$[[$Reports revenues and$],[$expenses for a$],[$specific period of$],[$time$.]],,],[,\backslash$table$[[$Statement shows$],[$amounts and causes$],[$of changes in retained$],[$earnings during the$],[$period$.]],,],[,\backslash$table$[[$Reports assets and$],[$claims to assets at a$],[$specific point in time.$]],,],[,,,]]$

Three types of business activities and examples of each:

Financing Activities:

Two primary sources of outside funds are:

$1.$

Amounts owed are called

Party to whom amounts are owed are creditors.

Notes payable and bonds payable are different type of liabilities.