This lesson consists of the following:

Definition of financial statements
Components of financial statements
Objectives of financial statements
Frequency of reporting
Definition of assets
Current and noncurrent assets
Definition of liabilities
Current and noncurrent liabilities
Definition of equity
Illustrative statement of financial position
Definition of income statement
Components of profit or loss
Components of other comprehensive income
Illustrative income statement
Illustrative statement of comprehensive income
Definition of retained earnings
Definition of statement of changes in equity
Illustrative statement of cash flows
Definition of statement of cash flows
Illustrative statement of cash flows