January 2025
Intermediate to advanced
1086 pages
32h 56m
English
Financial statements are like the tip of an iceberg: underneath the visible part are a lot of record-keeping, accounting methods and reporting decisions. The managers of a business, the investors in a business and the lenders to a business need a firm grasp on these accounting reports so they will know how to recognize both the good and bad signals.
Accountants prepare three primary financial statements. The profit and loss account (income statement in the United States) reports the profit-making activities of the business and how much profit or loss the business made. The balance sheet reports the financial situation and position of the business in terms of its assets and liabilities at a point ...
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