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Basic Accounting Concepts
02-04-2010, 04:33 PM
Post: #1
Basic Accounting Concepts
hello every one
i want to know about the basic four components on which the financial statements made?
please please help me ... i want to clear my concepts
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02-04-2010, 08:20 PM
Post: #2
 
Expenses, income, Assets, liabilities, capital
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02-05-2010, 03:40 AM
Post: #3
 
Dear,

The followings are the components of Financial statements;

- Statement of financial position (balance sheet) at the end of the period.

- Statement of comprehensive income for the period (or an income statement and a statement of comprehensive income).

- Statement of changes in equity for the period.

- Statement of cash flows for the period.

- Notes, comprising a summary of accounting policies and other explanatory notes.

Let us know, if confusion still exists.

Best Regards,
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02-05-2010, 08:18 PM
Post: #4
 
He asked components ON which financial statements are made, not the types
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02-05-2010, 08:55 PM
Post: #5
 
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Dard</i>
<br />He asked components ON which financial statements are made,<b> not the types</b><hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

Hahahaha
Miss Dard, your knowledge really admired me,[D]
Glad to know that faisal bhai has explained types of FS & not components.

Please check what are components, which IAS1 it self reveals;

http//www.iasplus.com/standard/ias01.htm

There are no such components <b>ON</b> which FS are made, atleast i haven't heard yet, however there may have some <b>principles</b> on the assumptions of which FS are made. lakin wo bhe assets ,liablity, income, expense etc nahi hotay.
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02-05-2010, 10:54 PM
Post: #6
 
Us ne sawaal he aise poocha. He could have asked different components of financial statements, excluding the ON
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