0
What is the importance of the trial balance in the preperation of a financial statement?
Wiki User
∙ 14y ago
Trail balance is such statement that include balances of everything like assets, liabilities, capital, loans and material purchased as well as sold & exp. both direct and indirect. since because of not having much time , we can not make B/S daily , so to know the financial position of business and accuracy of accounting we make T/B on daily
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Is the Bank Reconciliation statement a part of financial statement?
Bank reconciliation statement is not part of financial statement it is the helping statement to tally bank account with balance in banks statement.
What financial statement reports an organization's financial position at a point in time?
Balance Sheet
What are financial reports that summarize the financial condition and operations of a business?
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.
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.
What financial statement does a accounts receivable belong?
Balance Sheet
Is a balance sheet the same as a financial statement?
Balance sheet is a type of financial statement. Other types of financial statements could be income statement and statement of cash flow.
What is a financial statement that includes assets and liabilities?
A Balance Sheet, also sometimes referred to as a Statement of Financial Position.
Is a cashflow statement an obligatory financial statement?
Yes Cash flow statement is an obligatory financial statement alongwith income statement and balance sheet.
On which financial statement will income summary be shown a statemenet of owners equity b balance sheet c income statement d no financial statement?
D. No financial statement. Income summary is only used at the end of the period and is the account with no balance.
Is the Bank Reconciliation statement a part of financial statement?
Bank reconciliation statement is not part of financial statement it is the helping statement to tally bank account with balance in banks statement.
What are the two major financial statement?
They are the Income Statement also known as Profit and Loss and the other one is the Statement of Financial Position also known as Balance Sheet.
What financial statement lists a company's assets liabilities and owner's equity as of a specific date is called?
A Balance Sheet, also sometimes referred to as a Statement of Financial Position.
What financial statement reports an organization's financial position at a point in time?
Balance Sheet
Which financial statement can be compared with a still photograph?
cash flow statement
What is the difference between final account and financial statement?
Financial Statement: Financial statement is a instrument used to present a companies financial position. Financial statement complies with balance sheet, cash flow and funds flow statements. Final accounts is the final stage of preparation of financial statement
What are the 3 basic financial statements?
Balance Sheet Statement of Income Statement of Shareholders (Owners') Equity Statement of Sources and Applications of Cash (or Funds) Balance Sheet Statement of Income Statement of Shareholders (Owners') Equity Statement of Sources and Applications of Cash (or Funds)
What are financial reports that summarize the financial condition and operations of a business?
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.
