Accounting Equation(会计等式): The accounting equation, also called the basic accounting equation, shows the relationship between the accounting elements, which is expressed in the financial statement known as the balance sheet, and which should be in balance at all times because of double - entry accounting. For a corporation the equation is Assets =Liabilities + Stockholders’ Equity.
Financial Reporting(财务报告) : Financial reporting includes all of a company’s communication of financial information to people outside of the company.
Financial Statements(财务报表) : Financial statements refer to the financial report of a business or organization , at lease including the balance sheet, Income statement,statement of cash flows, statement of retained earnings, and statement of stockholders’ equity.
