Financial Statements

The general purpose financial reports (which include statement of financial position [or balance sheet], statement of income, statement of cash flows, and statement of owner equity) that reflect the collection, tabulation, and final summarization of the accounting data which represents the financial position of a business at a point in time and the results of operation of that business over time. Those general purpose financial reports provide a consistent history, quantified in terms of money, of economic resources and obligations of a business and of the economic activities that change those resources and obligations over time. (I-3-5; II-1-2, 4-14, 16, 18-19, 22-23, 34, 39, 42-45; III-2)

Authorization Path: 2.2.5.2.43.1