The four prominent financial statements prepared by a firm are the income statement, the balance sheet, the cash flow statement and the statement of change in shareholders' equity. These statements are useful fo
IFRS standards are International Financial Reporting Standards (IFRS) that consist of a set ofaccountingrules that determine how transactions and other accounting events are required to be reported in financial statements. They are designed to maintain credibility and transparency in the financial world, ...
andcashinflows and outflows (cashflow statement). Financial statements are also mandatory for companies for tax purposes. They are also used by managers to assess the performance of the business.
Accrual adjusting entries or simply accruals are one of three types of adjusting entries which are prepared at the end of an accounting period so that a company’s financial statements will comply with the accrual method of accounting. Expressed another way, accrual adjusting entries are the means...
All completed transactions for the time period:These are commonly shown in chronological order. Each line item typically shows transaction date, its exact amount and the name of the payee. Your bank statement may not include pending transactions. ...
In order to comply with federal payroll tax laws, you need to properly classify you workers as either employees or independent contractors. The general steps to do this are: Assess the nature of the work being done. A worker may be an independent contractor if you have the right to control...
Deferment and forbearance: Some lenders offer temporary relief for borrowers facing financial hardship, though options are usually more limited than federal loans. How to choose the best private student loan It’s important to shop around before you decide on a lender. Compare loan options from mul...
Financial statements are prepared in accordance with what? Financial Statements: When someone mentions financial statements, they typically refer to an income statement, balance sheet, statement of cash flows, and some type of statement of owner's equity. It is essential that the notes accompany the...
CapEx is related to long-term spending – a major investment – while a revenue expenditure is related to short-term operating expenses. They are both recorded in the same financial year as they are incurred and cannot be forwarded to the next financial year. ...
Enterprise resource planning systems are complete, integrated platforms, either on-premises or in the cloud, managing all aspects of a production-based or distribution business. Furthermore, ERP systems support all aspects of financial management, human resources, supply chain management, and manufacturin...