Different financial reporting systems

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Reference no: EM132085170

There are many different financial reporting systems. Some of the things that will be usefull for my company are as follows:

The balance sheet. It will show the assets which are things owned or controlled by the company. Liabilities which is something the business owes to someone such as a bank, and the equity which is what the business owes to its owners. This is the difference between the assets and liabilities.

The Income statement which is what will show the profit and loss for the business. It will show the income which is the money earned by the company and the expenses which is the money spent by the company. This will help to determine if we are having a net profit or a net loss.

The other would be the cash flow statement. This is going to show how the cash transactions are made from the payments for services to the bank and payments we make for different things. It is a representation of the bank balance.

Reference no: EM132085170

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