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What are the four financial statements explain their basic content and why it is important that the statements are prepared?
balance sheet,income statement,cash flow statement,retained earnings
How is the balance sheet linked to the other financial statement?
balance sheet is linked to financial statements as both statement are prepared for business authenticity, and are also link to each other because it is government requirements.
What are the limitations of a statement of cash flow?
Cash flow statements just as the Income Statement and Balance Sheet are prepared using historical information which is in the past. It therefore does not provide complete information to assess the future cash flows of an entity. Cash flow statements just as the Income Statement and Balance Sheet are prepared using historical information which is in the past. It therefore does not provide complete information to assess the future cash flows of an entity.
Why comparative balance sheet is prepared?
Balance sheet is prepared to know the financial position on the Business/Company.
What is the order that the financial statements should be prepared?
the income statement is first, followed by the the statement of owner or stockholder's equity balance sheet, and last the cash flow statement.
Which statements are prepared from the general ledger with no changes to the account balance?
balance sheet
Discuss and explain the impact of finance on the financial statements?
Businesses regularly put out financial statements such as the income statement, balance sheet and statement of cash flows. When these financial statements are released, they can have large impacts on the business and on the investors of the company. Therefore, it is critical for the business to ensure that the information the statements present is correct. thank you Swarup Dey
Financial statements are prepared as a management tool and as a legal requirementwhat are some of the financial statements that would be needed for management decision making and which are required by?
As far as management goes, you might need a statement of cash flows, and an assessment of inventories. You might want to also look at the balance sheet
What is the key product of accounting?
financial statements spreadsheets work sheet
What the income statement and balance sheet jointly known as?
Financial Statements
What are the two important financial statements produce by accounting?
Following is the two major financial statements: 1 - Income statement 2 - Balance Sheet
What is the difference between balance sheet and worksheet?
A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time, showing assets, liabilities, and shareholders' equity. It is a formal report prepared by accountants for external stakeholders. On the other hand, a worksheet is an internal document used by accountants to organize and record adjusting entries and prepare financial statements. It is a tool to facilitate the preparation of financial statements and is not typically shared with external parties.
