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Definitions and purposes of various types of financial statements, including consolidated financial statements, interim financial statements, segment reporting, pro forma financial statements, and nonprofit and governmental financial statements. It also explains the indirect and direct methods of preparing cash flow statements and the importance of analyzing financial statements through vertical and horizontal analysis.
Typology: Cheat Sheet
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1. Consolidated Financial Statements: - Definition: Consolidated monetary statements combine the economic outcomes of a parent organization and its subsidiaries into a unmarried set of economic statements. - Purpose: Provides a comprehensive view of the economic function and overall performance of the complete institution of groups. 2. Interim Financial Statements: - Definition: Financial statements organized for a length shorter than a full financial year, frequently protecting a quarter or six months. - Purpose: Provides well timed facts for selection-making between annual reports. 3. Segment Reporting: - Definition: Companies file monetary facts for exceptional segments in their business, inclusive of geographical places or product lines. - Purpose: Helps stakeholders understand the performance of man or woman commercial enterprise segments. 4. Pro Forma Financial Statements: - Definition: Pro forma monetary statements are hypothetical or projected financial statements based on sure assumptions or occasions. - Purpose: Used for planning and decision-making, especially while comparing the capacity impact of unique events or changes.
5. Other Comprehensive Income (OCI):