Basic Accounting Concepts

[heartx hacker]

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

[Dard]

Expenses, income, Assets, liabilities, capital

[faisal_desperado]

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,

[Dard]

He asked components ON which financial statements are made, not the types

[Spectrum]

<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.

[Dard]

Us ne sawaal he aise poocha. He could have asked different components of financial statements, excluding the ON