1. Income Statement: Also known as the "Profit and Loss Statement" or "Statement of Revenue and Expense", the income statement shows the company's revenues, costs, and expenses over a period of time. It is broken down into operating and non-operating sections. The operating section includes revenue and expenses related to the primary activities of the business, such as sales revenue and cost of goods sold. The non-operating section includes items not related to the primary business activities, such as interest income or expense.

2. Statement of Changes in Equity: Also known as the "Statement of Retained Earnings" or "Equity Statement", this document shows the changes in the company's equity over a period of time. It is broken down into issued share capital, retained earnings, and reserves. It shows the beginning balance, additions and reductions, and the ending balance for each component of equity.

3. Balance Sheet: Also known as the "Statement of Financial Position", the balance sheet shows the company's assets, liabilities, and equity at a specific point in time. It is broken down into current and non-current sections. The current section includes assets and liabilities expected to be used or paid within one year, such as cash and accounts payable. The non-current section includes long-term assets and liabilities, such as property, plant and equipment, and long-term debt.

4. Statement of Cash Flows: This statement shows the company's inflows and outflows of cash over a period of time. It is broken down into operating, investing, and financing activities. Operating activities include cash flows from the primary activities of the business, such as cash received from customers and cash paid to suppliers. Investing activities include cash flows from the acquisition and disposal of long-term assets, such as the purchase or sale of property, plant and equipment. Financing activities include cash flows related to the company's financing, such as the issuance or repayment of debt.

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1. Income Statement: Also known as the "Profit and Loss Statement" or "Statement of Revenue and Expense", the income statement shows the company's revenues, costs, and expenses over a period of time. It is broken down into operating and non-operating sections. The operating section includes revenue and expenses related to the primary activities of the business, such as sales revenue and cost of goods sold. The non-operating section includes items not related to the primary business activities, such as interest income or expense.

2. Statement of Changes in Equity: Also known as the "Statement of Retained Earnings" or "Equity Statement", this document shows the changes in the company's equity over a period of time. It is broken down into issued share capital, retained earnings, and reserves. It shows the beginning balance, additions and reductions, and the ending balance for each component of equity.

3. Balance Sheet: Also known as the "Statement of Financial Position", the balance sheet shows the company's assets, liabilities, and equity at a specific point in time. It is broken down into current and non-current sections. The current section includes assets and liabilities expected to be used or paid within one year, such as cash and accounts payable. The non-current section includes long-term assets and liabilities, such as property, plant and equipment, and long-term debt.

4. Statement of Cash Flows: This statement shows the company's inflows and outflows of cash over a period of time. It is broken down into operating, investing, and financing activities. Operating activities include cash flows from the primary activities of the business, such as cash received from customers and cash paid to suppliers. Investing activities include cash flows from the acquisition and disposal of long-term assets, such as the purchase or sale of property, plant and equipment. Financing activities include cash flows related to the company's financing, such as the issuance or repayment of debt.

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1. Income Statement: Also known as the "Profit and Loss Statement" or "Statement of Revenue and Expense", the income statement shows the company's revenues, costs, and expenses over a period of time. It is broken down into operating and non-operating sections. The operating section includes revenue and expenses related to the primary activities of the business, such as sales revenue and cost of goods sold. The non-operating section includes items not related to the primary business activities, such as interest income or expense.

2. Statement of Changes in Equity: Also known as the "Statement of Retained Earnings" or "Equity Statement", this document shows the changes in the company's equity over a period of time. It is broken down into issued share capital, retained earnings, and reserves. It shows the beginning balance, additions and reductions, and the ending balance for each component of equity.

3. Balance Sheet: Also known as the "Statement of Financial Position", the balance sheet shows the company's assets, liabilities, and equity at a specific point in time. It is broken down into current and non-current sections. The current section includes assets and liabilities expected to be used or paid within one year, such as cash and accounts payable. The non-current section includes long-term assets and liabilities, such as property, plant and equipment, and long-term debt.

4. Statement of Cash Flows: This statement shows the company's inflows and outflows of cash over a period of time. It is broken down into operating, investing, and financing activities. Operating activities include cash flows from the primary activities of the business, such as cash received from customers and cash paid to suppliers. Investing activities include cash flows from the acquisition and disposal of long-term assets, such as the purchase or sale of property, plant and equipment. Financing activities include cash flows related to the company's financing, such as the issuance or repayment of debt.

The four general purpose financial statements include the income statement, statement of changes in equity, balance sheet, and statement of cash flows. Explain what formal titles each of the statements has, and explain how things are classified (broken down) within each of them.

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