1.
TASK 1
Financial statement is a list that indicates the financial activities of the business; it shows the ups and downs of the company in terms of financial, and financial statement could bring the company to wealthy as well, as the company has some improvements or brainstorming by seeing each of the statement. It has so many things inside of it, but then first of all, there are 4 types of financial statements, which are the following statements:

1. Balance Sheet, defines as the financial situation of a company on a specific dates, therefore the purpose of having a balance sheet is the business can determine some of the things that can be improved in the future, and also the purpose of it is to see the company’s prosperity and the difference of total assets and liabilities, as also have some things inside of the statement, such as:

* Assets, is one of the examples, as defines as something the person or business has, or the one who business controls. This could be fixed assets (land, buildings, any other equipment) or current assets (cash, prepaid insurance, account receivable, and any other things that could be sold and/or consume, or in more specific, could be converted into cash in a year) * Liabilities are also the other example, which is a liability or ‘debt’ to creditors, or loans. This could be short term (account, notes, taxes, interest payable, and anything that is payable and needed to be paid within a year), and long term (due more than a year such as bond and mortgages payable, and pension, etc.) * The last one is equity, which are owners or shareholders equity in the specific place such as for the owner, is the equity in the partnership, and for the shareholders, is the equity in the corporation and/or ownership in a company in a shape of stock.

The example of balance sheet is:

2. Income Statement is also of the types,