Financial Statements

Start with the key terms

The flashcard deck “Accounting - Introduction” is a useful starting point. It presents terms including assets, liabilities and shareholders’ equity, alongside the balance sheet, income statement and cash flow statement. Work through the cards, then return to any terms you want to practice again.

For another view, use “Introduction to Financial Statements”. Its cards include the Conceptual Framework for Financial Reporting and the categories used to group the financial effects of transactions. You can compare its terms with those in the introductory deck.

Use a map to connect ideas

The mind map on types of financial statements brings together the balance sheet, income statement and income tax return. It also includes the relationship between assets, owners’ equity and liabilities, with branches for current and non-current items. Use the layout to trace connections after studying the flashcards.

The accounting mind map includes the objectives of financial statements, economic decisions and the ability to generate cash. It offers another way to look at how the ideas fit together. The note on accounting as a system also connects daily monetary transactions, source documents and financial reports.

Practice with a quiz

“Tema 1” includes questions on a dividend payment in the statement of cash flows and on assets and liabilities. Try it after the introductory cards, then return to the relevant cards or mind map when you want to go over a term or relationship again.

This topic is a section of Introduction to Accounting in Accounting and auditing. The listed resources let you move between individual definitions, visual summaries and questions within that section. Choose a map or quiz to explore next.