StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Financial Accounting Reports - Assignment Example

Cite this document
Summary
It is used by entities to show indirect expenses that a company has incurred, and this can be used to make key decisions in the company (Gillespie, 2011). The…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER94% of users find it useful
Financial Accounting Reports
Read Text Preview

Extract of sample "Financial Accounting Reports"

Financial Accounting Reports A consoli profit and loss ment determines the profits or loss that an entity has incurred over a set out It is used by entities to show indirect expenses that a company has incurred, and this can be used to make key decisions in the company (Gillespie, 2011). The statement is utilized by businesses to show the performance hence this tracks the performance of a business. The statement is also used as a basis for forecasting, as decisions can be made based on previous performances.

In the company, if a venture leads to a loss, the company is sure to compensate for itA balance sheet is among the key financial statements utilized by accountants and owners of businesses to show the financial balances of an entity. It represents the financial balances of assets, liabilities and shareholder equity as per the end of a set out date. This document is therefore important as it helps financiers to be informed of the fiscal status of a company in the event they want to invest in it.

It also allows creditors to value a company in terms of what it owns and what other entities owe it, and this way they can work out on a plan to inject money into the business or not (Averkamp, 2014). The balance sheet indicates the solvency of an entity as it shows how much assets are available to pay out liabilities the business has incurred thus a business is in a good position to make decisions that involve spending.Bibliography Averkamp, H. 2014. Introduction to Balance Sheet. Accounting Coach.

Accessed [http://www.accountingcoach.com/balance-sheet/explanation/1]Gillespie, A., 2011. Foundations of Economics. New York: Oxford University.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Financial Accounting Reports Assignment Example | Topics and Well Written Essays - 250 words”, n.d.)
Financial Accounting Reports Assignment Example | Topics and Well Written Essays - 250 words. Retrieved from https://studentshare.org/finance-accounting/1648769-financial-accounting-reports
(Financial Accounting Reports Assignment Example | Topics and Well Written Essays - 250 Words)
Financial Accounting Reports Assignment Example | Topics and Well Written Essays - 250 Words. https://studentshare.org/finance-accounting/1648769-financial-accounting-reports.
“Financial Accounting Reports Assignment Example | Topics and Well Written Essays - 250 Words”, n.d. https://studentshare.org/finance-accounting/1648769-financial-accounting-reports.
  • Cited: 0 times

CHECK THESE SAMPLES OF Financial Accounting Reports

Corporate Social Responsibility on the Performance and Sustainability of United Kingdom Banks

The financial sector is considered to perform a crucial role in the overall economy of the world.... This discussion explores that banks, amongst all the financial services organizations, have become increasingly proactive about corporate social responsibility activities owing to the pressures from the society as well as the government and other regulatory bodies....
10 Pages (2500 words) Report

The Divine Life Ventures Strategic Plan

The weaknesses include high operational costs and the financial crisis facing the world today.... In this report, a comprehensive environmental scan will be presented with regards to The Divine Life Ventures.... The mission of the organization and its background will be discussed....
14 Pages (3500 words) Report

Relevance of Standard Costing and Variance Analysis

This report "Relevance of Standard Costing and Variance Analysis" involves a critical analysis of the standard costing system and variance analysis in modern management.... Due to the shift in cost structures and factory automation the process of standard costing.... hellip; Overemphasis on the importance of Direct Labour: The fact that direct labour has lost its importance in modern manufacturing and is a small proportion of the total factory costs, makes the standard costing irrelevant because most of the overhead costs are allocated to the cost centres on the basis of direct labour hours....
4 Pages (1000 words) Report

Post Implementation Challenges of the Model Audit Rule

It has an oversight of dependency and competence of internal reports and external audit reports from external accounting firms.... The Model Audit Rule is designed with several reforms for the elimination of conflicting interests and strengthening internal controls of companies on financial reporting.... The success of AMR requires teamwork through hiring of internal control experts, business analysts and IT auditors who can meet internal controls through efficient financial reporting (Dublin, 2011)....
7 Pages (1750 words) Book Report/Review

BlueScope Steel

Key among the acquisitions made by BlueScope over the previous financial years include IMSA Steel Corp, a steel products manufacturing company, from Ternium SA subsidiary of San Faustin NV's Grupo Techint unit as well as Smorgon Steel Group Ltd (SS) steel and metal marketing division....
11 Pages (2750 words) Lab Report

Facebook and the Filed IPO

These allegations are largely based on news reports which indicated that Facebook insiders had told those news organizations that poor revenue forecasts were communicated to the largest and most important Facebook investors, but not to others (Skillings, 2012).... For one thing, it seemed that very few people were actually allowed to buy stock, and those that were seemed to be given special advantages based on relationship with financial institutions or with Facebook itself....
5 Pages (1250 words) Book Report/Review

Business Information Systems

The company has been traditionally operating on a solely paper-based transaction processing, accounting, and reporting mode that is obsolete and incompatible with the information age, besides being cumbersome, time-consuming, and inefficient.... The report "Business Information Systems" analyzes the existing operating and management information sharing procedures in vogue in the Fine Food Company in light of the recent advancements in the Information and Communication Technology (ICT) applications in business enterprises worldwide....
6 Pages (1500 words) Report

Planning and Evaluating Health Services in the State of Cook

This paper "Planning and Evaluating Health Services in the State of Cook" focuses on the fact that following the establishment of the new state of Cook, comprising of the state of New South Wales (NSW) and Queensland, this paper has been developed to provide an overview of the healthcare services....
7 Pages (1750 words) Report
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us