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What are financial reports that summarize the financial condition and operations of a business?
Wiki User
∙ 9y ago
Financial statements are financial reports which summarize the financial condition and operations of a business. Included in a financial statement are a balance sheet, income statement, and also a cash flow statement.
Wiki User
∙ 9y ago
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What is adequate disclosure concept?
it states that all relevant and material events affecting the financial condition or position of a business and the results of its operations must be communicated to users of financial statements
Which part of the accounting cycle provides information to help a business decide whether to expand its operations?
financial statment
Is it necessary for a business manager to understand basic accounting?
yup. because he needs to know the financial condition of the company. it is ,ore necessary if the business manager is also the owner of the company.
What does a small business use as a basis of obtaining information for their financial records?
Financial records for a small businessProfit and Loss Statement and a Balance Sheet are common to all types of businesses and are the basic financial statements which summarize all the accounts of a business.Ledgers for Accounts Receivable - for a business offers credit to customersLedgers for Accounts Payable - for a business that purchases material or goods for production or resaleCost accounting records - for a business that manufactures goods for saleInventory records - cover purchase costs, quantities brought in, and quantities used.There are many other types of financial records a business may need. Examples are Personnel and Payroll records.There may also be financial records specially required by certain industries or because of the legal form of business organization you choose, such as incorporation. Refer to links below for further information
What is the difference of an income statement and a balance sheet?
Income statement shows the activity of current or one fiscal year of business while balance sheet shows the overall financial condition of business from start of the business to till date.
What is an economic event or condition that directly changes an entity's financial condition or directly affects its results of operations?
A Business Transaction ;)
What is adequate disclosure concept?
it states that all relevant and material events affecting the financial condition or position of a business and the results of its operations must be communicated to users of financial statements
Which skill or ability is most important for employees in the business and financial operations occupational cluster?
Attention to detail is the most important skill or ability for employees in the business or financial operations occupational cluster.
Which skill or ability is most important for employees in business and financial operations occupation cluster?
Attention to detail is the most important skill or ability for employees in the business or financial operations occupational cluster.
How can you assessed success of a business by looking to final account?
by showing the financial condition of business
What tools are available to interpret the financial operations of a business?
Microsoft Dynamics/Forecastor etc
Which occupational cluster has the task of formulating and implementing institutional goals and policies?
Business and Financial Operations
Which occupational cluster has the task of formulation and implementing institutional goals and policies?
Business and Financial Operations
Which skill is not essential in business and financial operations occupations'?
A lot of things are essential to a career in operations, including good interpersonal skills and fine attention to detail.
What should you do first before creating a business plan?
It is important to summarize financial situation and prospects, do marketing research and define the purpose and basic elements of your company.
Departments of a typical business?
Sales and Marketing Financial or Accounting Research and Development Human Resources Operations or Production
What do business simulations achieve?
Business simulations is used for business training and analysis. They are used to achieve: strategic thinking, financial analysis, market analysis, operations, teamwork and leadership.
