#商务英语# Four types of accounting: 1. Bookkeeping accounting 2. Financial accounting (for outsiders/investors) 3. Managerial accounting (confidential and/or internal, for making business decisio...
1. Financial AccountingFinancial accounting involves recording and classifying business transactions, and preparing and presenting financial statements to be used by internal and external users.In the preparation of financial statements, strict compliance with generally accepted accounting principles or GAAP is...
The purpose of these reports is to provide useful financial information to users outside of the company. In essence, these reports complete the fundamental purpose offinancial accountingby providing information that is helpful in the financial decision-making process. ...
In general, there are five types of financial statements theincome statement,statement of financial position, statement of change in equity, cash flow statement, and the Noted (disclosure) to financial statements. that is prepared by an entity monthly, quarterly, annually, or for the period requir...
In balance sheet on the side ofAssets in Accounting, we have the following items: Cash and Cash Equivalents:The amount of money that the company holds as cash and bank balance. Marketable Securities:The Company can also park investment in mutual fund schemes,debentures, public stock/private inve...
The financial services sector is made up of a variety of financial firms, including banks, investment houses, finance companies, insurance companies, lenders, accounting services, and real estate brokers.4 When this sector and a country’s economy are strong, consumer confidence and purchasing power...
1. according to the length of time predicted by financial forecasts, they are divided into long-term forecasts, medium range forecasts and short-term forecasts. Long term prediction mainly refers to the financial changes over the past 5 years and the trend prediction, which provides financial basi...
What Is the Difference Between Cost Accounting and Financial Accounting? Cost accounting focuses on a business's costs and uses the data on costs to make better business decisions, with the goal of reducing costs and improving profitability at every stage of the operational process. Financial accoun...
5. A Conclusion of Financial Statements 1. What are Financial Statements Financial statements are written documents prepared regularly based on daily accounting data.They serve to comprehensively reflect the financial condition of an enterprise on a specific date and its operational results, including the...
There are three basic types of financial statements viz. balance sheet, income statement, and cash flow statement. Some consider the statement of stockholders equity also. In the true sense, explanatory footnotes should also be called as financial statem