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What is bank reconcilation statement?
It shows the adjustments done to reconcile the final figure on the bank statement of a business, to that of the balance of the bank account that appears on the company's financial statement. The figures may be different as a firm may send out a cheque and while the amount the cheque was written for may be deducted from the company's financial statements, the person who received the cheque may not of cashed it so it does not appear on the bank statement.
What is the difference between balance sheet and financial statement if there is any........?
Balance Sheet: Balance sheet is the financial picture of an organization on a given day. while financial statement is a broader term and it can be for a very long time. financial statment is a formal record of business financial activities. it can be a day. month a year or so on. while balance sheet is just a part of a financial statement. in short balance sheet is also a finanaical statement. but finanacial statement can not be balance sheet..
How often are financial statement prepared?
Every financial year. Sometimes a company may shorten or increase their financial year for various reasons so it wouldn't be correct to say every calendar year.
Where can I find free personal financial statement templates?
You may find a personal financial statement template at office.microsoft.com.
Where on the balance sheet would you look to determine the market value of an asset?
Company financial statements normally don't show the market value of assets but in "Notes to financial statement" section company may provide the market value of assets.
What a company's principals?
The principle's of a company are a statement of how they do business rather than what they do. A company may also have a mission statement which defines what their goal as a company is (what they do).
What items might be in the financial statements but not actually on the balance sheet income statement statement of retained earnings or statement of cash flows?
Since the notes to the financial statements form part of the financial statements and are a component of financial statements, certain disclosures found in the notes may not be found in the balance sheet, income statement, statement of retained earnings or statement of cash flows.
Who use the financial report?
A company's financial report may be used by the management, the board of directors, and the government. The stockholders may also be interested in the financial report in order to understand the direction the company is headed in.
Prime objective of preparing financial statement?
Financial statements provide an overview of a business or person's financial condition in both short and long term. All the relevant financial information of a business enterprise presented in a structured manner and in a form easy to understand, is called the financial statements. There are four basic financial statements:1. Balance sheet: also referred to as statement of financial position or condition, reports on a company's assets, liabilities, and Ownership equityat a given point in time.2. Income statement: also referred to as Profit and Loss statement (or a "P&L"), reports on a company's income, expenses, and profits over a period of time. Profit & Loss account provide information on the operation of the enterprise. These include sale and the various expenses incurred during the processing state.3. Statement of retained earnings: explains the changes in a company's retained earnings over the reporting period.4. Statement of cash flows: reports on a company's cash flow activities, particularly its operating, investing and financing activities.For large corporations, these statements are often complex and may include an extensive set of notes to the financial statementsand management discussion and analysis. The notes typically describe each item on the balance sheet, income statement and cash flow statement in further detail. Notes to financial statements are considered an integral part of the financial statements.
Why do you need to prepare financial statement?
Employees can also be potential investors and they may need the financial statements in order to decide whether or not it would be prudent to invest in the company. Also if they need to negotiate wages, they can use the financial statements to prove that the company can afford to increase their wages. It also helps employees to see the stability of the company (for example if the company is going to sink, they will be able to pre-empt the fact that they might not be around for much longer and be able to start looking for jobs elsewhere)
Why are the management interested in a financial statement?
well a financial stat is one where we get to know all or possibly most of activities and details ........so managers will take in interest in these statement(trading,p&l,appropriation ,cash flow n balance sheet) to take corrective measures or to forecast for the future.
What are the release dates for Mrs- Eastwood and Company - 2012?
Mrs- Eastwood and Company - 2012 was released on: USA: 20 May 2012
