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Financial statement (or financial reports) are formal records of the financial activities and position of a business, person, or other entity.
Relevant financial information is presented in a structured manner and in a form which is easy to understand. They typically include four basic financial statement accompanied by a management discussion and analysis:
A balance sheet or statement of financial position, reports on a company’s assets, liabilities, and owners equity at a given point in time.
An income statement—or profit and loss report (P&L report), or statement of comprehensive income, or statement of revenue & expense—reports on a company’s income, expenses, and profits over a stated period. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period.
A statement of changes in equity or statement of equity, or statement of retained earnings, reports on the changes in equity of the company over a stated period.
A cash flow statement reports on a company’s cash flow activities, particularly its operating, investing and financing activities over a stated period.
A comprehensive income statement involves those other comprehensive income items which are not included while determining net income.
(Notably, a balance sheet represents a single point in time, where the income statement, the statement of changes in equity, and the cash flow statement each represent activities over a stated period.)
For large corporations, these statement may be complex and may include an extensive set of footnotes to the financial statement and management discussion and analysis. The notes typically describe each item on the balance sheet, income statement and cash flow statement in further detail. Notes to financial statement are considered an integral part of the financial statement.
Accounting to a non-financial person can be a mammoth task according to Accountants in Miami, CPA. Wading through invoices, bank statements amongst other duties can be quite tasking especially for small business owners who have a lot of other things to do. Even businesses that have an in-house accounting team still need to manage the functions of the accounting team to ensure they meet the business objectives at a minimal cost.
The more hats you wear the less you’ll accomplish successfully which is why you need an Accountant
Accounting Services in Miami Review LIFO Rules During inflationary times, Accounting Services in Miami can reduce company’s taxable income by using the last-in, first-out (LIFO) cost flow assumption for inventories. However, the tax savings from using LIFO come at a cost. Under the LIFO conformity rule in Sec. 472(c), if Accounting Services in Miami us LIFO …