Financial Reporting

How to Incorporate Storytelling into Annual Reports?

Financial Reporting

https://images.unsplash.com/photo-1454165804606-c3d57bc86b40 Annual reports may convey a wealth of information about the financial performance, accomplishments, and mission of a business but are often lengthy, tedious, and difficult to digest. To bring the information within them to life, many companies today are turning to the art of storytelling to craft annual reports that communicate to their shareholders, …

How to Incorporate Storytelling into Annual Reports? Read More »

Small Business Accounting: 4 Crucial Reports

Financial Reporting

Most small businesses keep records for use when filing taxes only. However, understanding your business’s financial position is vital to making crucial business decisions. These decisions can include such moves as growth and expansion. Hence, the need to keep accounting records. The records help to generate critical reports essential to every business.  In addition, it’d …

Small Business Accounting: 4 Crucial Reports Read More »

What Is The Difference Between Audited And Unaudited Profit and Loss Statements?

Financial Reporting

Whether small or large corporations, every business entity prepares financial statements to convey the business information and activities undergone throughout a financial period. The financial statements of a company provide information about the financial performance and health of the entity. The most common financial statements are income statements, balance sheets, statements of cash flow, and …

What Is The Difference Between Audited And Unaudited Profit and Loss Statements? Read More »

How Do Donations Report Income Statement And Balance Sheet?

Financial Reporting

Financial statements are crucial in reporting an entity’s finances. Usually, these include the two reports known as the balance sheet and income statement. Some entities may also prepare other reports. These may consist of the cash flow statement and statement of changes in equity. Each financial statement serves a purpose in informing the entity’s stakeholders. …

How Do Donations Report Income Statement And Balance Sheet? Read More »

Why Should the Income Statement be Prepared First Before Other Statements?

Financial Reporting

The financial statements are reports of a company’s finances over a period. Usually, companies prepare these at every financial period end. This period may differ between companies. Some companies report their progress quarterly, while others may do it annually. Either way, companies can use financial statements to present stakeholders with financial information. This information summarizes …

Why Should the Income Statement be Prepared First Before Other Statements? Read More »

Is Owner Withdrawal a Debit or Credit? (Accounting for Owner Withdrawal)

Financial Reporting, Managerial Accounting

When individuals create a business venture, they introduce capital into it. This capital helps them grow and fund their operations. The business may either make a profit or a loss. Usually, once it goes through several accounting periods, it will accumulate some earnings. Some businesses use these earnings to invest in new operations. Others, however, …

Is Owner Withdrawal a Debit or Credit? (Accounting for Owner Withdrawal) Read More »

3 Main Purposes of Financial Statements (Explained)

Financial Reporting, Financial Statements

Overview: Financial statements report the entity’s financial transactions, position, and events, for a specific period of time and they are prepared and used for many different purposes including full filing the requirement of regulators, tax authorities, shareholders, board of directors, management of the entities and many others purposes. In general, there are five types of …

3 Main Purposes of Financial Statements (Explained) Read More »