What are the elements of financial statements?

:They're *Assets :items of economic benefit *Equity : amount invested in a business *Liabilities : legally binding objections to payable to another entity or individuals **Revenues *Gaines *Expenses

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income list

List profit and loss

Statement of Cash Flows

Statement of financial position

Statement of Financial Position

Statement of comprehensive Income

Statement of changes in equity 

Statement of Cash flows 

Notes to the accounts.

Elements of financial statements are as follows.

• Equity
• Liability
• Reserves & surplus
• Asset
• Revenue
• Expenses

 

Assets Liabilities Equity Revenue Expenses

1.. Income statement

2.. Balance sheet

3.. Cash flow statement

4.. Notes to the accounts

5... Accounting policies

6.. Statement of compliance

7.. Statement of change in equity

The 10 elements included in the financial statements are as follows:

Assets.

Liabilities.

Equity.

investments by owners.

Distributions to owners.

Revenues.

Expenses.

Gains.