Get Well Acquainted with Preparation of Financial Statements in Accounting
The basic intention of accounts is to make the financial statement for a company. It is also true that financial statements are the final stage of a systematic accounting cycle. Readers pursuing in this stream often face problem in dealing with financial statements. But now they can take preparation of financial statements in accounting assignment help through the online platform of myhomeworkhelp.com.
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What is Financial Statement?
As it is already mentioned that financial statements are very helpful for any given company as it is collection of reports about the company’s financial condition, financial results, and cash flows.In general, it can be said that these statements signify a formal record of the financial activities of any organization.
The statement also computes the liquidity, performance, and strength of the business entity. Learners looking for more information for this particular section can surely take preparation of financial statements in accounting assignment help.
Types of Financial Statements
Mainly there are 4 types of financial statement available in accounts, and they are:
- Income Statement
This is also known as profit and loss statement in which the financial performance of the company is representedin terms of loss and profit. It has two elements, and they are Expense and Income.
- Statement of Financial Position
This statement is generally known as Balance Sheet. With the help of this statement the financial condition of any company on a given date is represented. It has three components like Equity, Assets, and Liabilities.
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- Statement of Changes in Equity
Better known as Statement of Retained Earnings in standard accounting term, suggests the details in the movement of the equity of the owner of an organization within a given span of time. The movementis achieved through certain components like:
- Dividend payments
- Share capital issued
- Losses or gains recognized in equity
- Cash Flow Statement
This financial statement represents the movement in balances in bankand in cash over a specificperiod of time. It is important to mention that cash flow financial statement is divided into three different segments, and they are:
- Operating activities present the cash flow from the primary activities of a business.
- Financing activities present that cash flow spent of generated after repaying and raising share capital.
- Investing activities suggest cash flow from the purchase and sale of only assets like buying a power plant.
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