Financial Statements

• What is the balance sheet?

  A financial statement that shows a business' assets, liabilities and equity for a given point in time.
• What is the income statement?

  A financial statement that summarizes the revenues and expenses of a business for a given period of time.
• What is the cash flow statement?

  A financial statement that summarizes the movement of cash and cash equivalents in and out of a business for a given period of time.
• The term "profit and loss statement" refers to which financial statement?

  Income statement.
• The term "revenue statement" refers to which financial statement?

  Income statement.
• The term "statement of financial performance" refers to which financial statement?

  Income statement.
• The term "statement of financial position" refers to which financial statement?

  Balance sheet.
• The term "statement of cash flows" refers to which financial statement?

  Cash flow statement.