Five (5) components of set of financial statements.

Financial statement are report prepared by management of the entity to provide information to owners of the entity and other users about the financial position and financial perofrmance of the entity.

The following are components of set of financial statements:

  • statement of financial position;
  • statement of comprehensive income;
  • statement of changes in equity;
  • statements of cash flows,
  • notes to financial statements.

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