Chapter 2. Financial Statements
The end product of the financial accounting process is the financial statements. There are four basic financial statements: the Balance Sheet, the Income Statement, the Statement of Retained Earnings, and the Statement of Cash Flows. In addition to the four financial statements there will also be a section called ''notes to the financial statements'' or ''footnotes.'' This section provides additional information that helps the reader understand certain details without making the basic statements overly long.
Sometimes the basic financial statements will have slightly different names, such as the Statement of Income instead of the Income Statement or the Statement of Changes in Owner's Equity instead of the Statement ...
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