Balance Sheet.
The accounting report prepared at a particular point in time is the Balance Sheet. It provides a snapshot of a company's financial position, detailing its assets, liabilities, and equity as of a specific date. Unlike other reports, such as the Income Statement or Cash Flow Statement, which cover a period of time, the Balance Sheet reflects the financial status at that exact moment.
Cash is the main transaction in an accounting , it will affect from period to period in financial statement
Revenues are reported on the income statement in the period in which they are earned.
In Accounting, also known as the Accounting Period Concept. Where business operation can be divided into specific period of time such as a month, a quarter or a year(accounting period) Final accounts are prepared at the end of the accounting period ie one year. Internal accounts can be prepared monthly, quarterly or half yearly.
In order to achieve comparability of the financial statement of an enterprises through time, the accounting policies are followed consistently from one period to another; a change in an accounting policy is made only in certain circumstances.
The Income Statement is an accounting of income and expenses that indicates a firm's net profit or loss over a certain period of time, usually quarterly or yearly - a statement of operating expenses & revenue for a specific accounting period.
Cash is the main transaction in an accounting , it will affect from period to period in financial statement
financial comparison statement is a statement showing the trend in which financial figures are changing between two accounting period.
financial comparison statement is a statement showing the trend in which financial figures are changing between two accounting period.
Revenues are reported on the income statement in the period in which they are earned.
In Accounting, also known as the Accounting Period Concept. Where business operation can be divided into specific period of time such as a month, a quarter or a year(accounting period) Final accounts are prepared at the end of the accounting period ie one year. Internal accounts can be prepared monthly, quarterly or half yearly.
income statement
They are reported in the period in which cash is received or paid
In order to achieve comparability of the financial statement of an enterprises through time, the accounting policies are followed consistently from one period to another; a change in an accounting policy is made only in certain circumstances.
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