The four accounting reports and the links between them

What this note covers

1. Four reports, four different questions
2. Income statement: service versus trading classification
3. Balance sheet: classified current and non-current
4. Statement of changes in equity
5. Statement of cash flows: cash, not accrual profit
6. Tracing the links between all four reports
7. How this is examined and what separates a top response

7 sections · 12 key terms & formulas · 6 common mistakes