The preparation of financial statements and reports is the process of disclosing financial results to stakeholders and the public. It involves the process of aggregating accounting information into a standardized set of financials. These financial reports and statements are usually prepared on a monthly, quarterly, or annual basis and allow the related stakeholders to quickly gauge how well the business is doing and how it compares to the previous year.
Numbers revealed through these financial statements play an important role in decision-making and help the leadership to adjust to market demands swiftly.
This report will show you everything that is owned (assets) and owed (liabilities) by a company, plus the owner’s equity. It also illustrates how a company is utilizing its assets and shows the overall health of your business at a certain point in time
The income statement focuses primarily on the revenues earned and expenses incurred during a set period. It demonstrates company’s ability to generate sales and manage expenses over set period
This report shows the increases and decreases in cash during a given timeframe. It is used to distinguish between changes in cash due to operating, financing, or investing activities
It reports the changes in the value of shareholders’ equity or ownership interest in a company from the beginning to the end of an accounting period
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