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What are the types of Financial statement preparation

Financial statement preparation is the process of creating financial reports that summarize the financial activities and performance of a company over a specified period of time. These financial statements are prepared according to a set of accounting principles, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS).<br><br>The three main financial statements that companies prepare are:<br><br>Income statement: This statement shows the revenues and expenses of a company over a specific period of time, usually a year.

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What are the types of Financial statement preparation

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  1. What are the types of Financial statement preparation?

  2. Content

  3. Income Statement • This statement shows the revenue and expenses of a company over a specific period of time, usually a quarter or a year. The income statement is also known as the profit and loss statement, and it provides information on the profitability of a company.

  4. Balance Sheet • The balance sheet shows the financial position of a company at a specific point in time. It presents the assets, liabilities, and equity of the company, and it provides information on the company's liquidity and solvency.

  5. Cash Flow Statement • The cash flow statement shows the inflows and outflows of cash in a company over a specific period of time. It helps to understand the company's cash position and its ability to meet its financial obligations.

  6. Statement of Changes in Equity • This statement shows the changes in equity of a company over a specific period of time. It provides information on the company's retained earnings, share capital, and other equity-related transactions.

  7. Conclusion

  8. / Contact details

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