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The term accounting is derived from a French word called “computer”. Accounting is the process of recording a business’s financial transactions during an accounting period.in today’s era, accounting is a known language of money. Accounting requires proper knowledge and skills to resolve all problems in an efficient and effective manner. It generally records all the financial transactions in a statement known as the business’s financial statement.
Have you Heard of the Financial Statement of a Business?
Are you thinking about how to draft an accounting assignment without having prior knowledge? Connect with accounting assignment experts and resolve all your queries. The financial statement is a report that consists of details of all financial transactions that occur during an accounting period. It consists of assets, equities, income and expenditure, cash flow and liabilities, and all the information during an accounting period.
The auditor of the business enquires about this report annually and presents them with other required information in the annual business report. This statement is prepared to measure the difference between the two periods. Moreover, to see how a business is financially performing during the current period as compared to another corresponding period. The financial statement is further divided into five-part. Here is the list of statements.
Income Statement
This form of statement records three main financial information reports for a particular period. Three main financial information consist of profit and loss, income and expenses that occur during the period of time. It is also called a statement of financial performance because it allows the user to measure and assess how the business is working concerning its competitor and the similar entity itself.
Balance Sheet
This statement is known as a statement of financial position. It shows the overall financial position of the business performing during an accounting period. Moreover, it is known as the statement of financial position because it shows the firm’s net worth to find out the business’s net worth, and the formulae result in assets minus liabilities. It differs from the income statement because the income statement records the accounting transaction, whereas the balance sheet records the account balance at the accounting date. So if someone wants to know the financial position of any firm balance sheet is the perfect result for that.
Statement of Change in Equity
This statement shows the contribution of shareholders and the movement of equity at the end of the accounting period. It consists of the information on share capital, dividend payment, along with retained meaning and other reserves that are related. It results from the contribution of both the income statement and balance sheet. So if there is an error in any of the two results in this statement, you can also take help from experts if you face an issue while calculating the information. You just need to ask for Do my accounting assignment help and score good grades.
Cash Flow Statement
This type of statement shows the movement of cash flow of a business entity during a particular period of time. It helps the user understand the inflow and outflow of cash during an accounting period. This statement consists of three sections: cash flow from operating activities, cash flow from investing activities and cash flow from financing activities. Two methods can calculate it called the direct and indirect methods.
Note to the Financial Statement
Most of the users forget to note their financial statements. However, this is mandatory by the IFRS to disclose all the financial statements to the user so that they understand the business’s financial position. It is sometimes known as call disclosure details, which reveal the financial information of all accounts. If your face any issues maintaining a record of financial statements, you can avail of Help with accounting assignment UK services. Moreover, to submit the reports without any interference.
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