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Financial Statements

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Financial Statements

Nieprzeczytany postautor: norina-6 » 12 wrz 2019, 21:48

Entities in various business sectors are keen to indicate their financial position during the financial year, and also seek to provide daily accounting reports on their overall financial situation.This contributes to knowing the current financial situation of the enterprise, comparing it with the previous situation, and future expectations, which contributes to the development of work. Continuously, reports that an entity seeks to provide during or at the end of a financial year are called financial statements.

Obrazek

Financial Statements are defined as a set of financial statements that help to understand financial statements in order to arrive at specific results that contribute to the description of an entity's overall financial position. The financial statements are also known as a means of monitoring the Company's performance over the past financial period, which contributes to a set of forecasts about its future financial condition. The financial statements include the income statement, balance sheet and equity statement. [1]



Definition of the budget
The balance sheet is known as a final financial report issued at the end of the financial year, whereby the financial position of the corporation is recognized. In this light, the owner of the corporation or the owners of the company can know the expenses. The loss, also known as a summary of the financial position at a particular date, contributes to the overall financial condition of the entity.


The budget contains all the assets of the institution and its obligations to others, whether cash or securities. The components of the budget vary depending on the nature of the institution's activity, but generally contain the following accounting terms: assets, liabilities, and equity (shareholders, partners or owners).


The financial department or the accounting department prepares the budget in the institution, but it is audited and reviewed by a third party. The person who works to review the budget is called the auditor, who certifies the health of the budget of the institution and the organization. And appropriate financial and administrative decisions. [2]

مكتب ترخيص في دبي

The main equation of the budget
The success of preparing a budget for an enterprise depends on the application of a budget equation, which must include all components of the budget.This equation is written based on the following main form:

Assets = liabilities (liabilities) + equity of individuals or shareholders.

Achieving this equation for the balance of digital values ​​resulting from all of its components is the main basis for successful budget preparation. [2]



Budget components
The balance sheet consists of two main sections: [3]

Assets (left side): All property and assets of the entity, and is divided into two parts:
Fixed Assets: These are existing assets, which can be dealt with directly, and depend on a set of physical components, and used for the longest possible period within its useful life, such as: plots, vehicles, computers, and others.
Current assets: Assets that can be sold, bought, or reused, and may be used for a short or long period of time, such as securities, bank loans, and money in the facility.
Obligations (Liabilities) and Equity (Right Party):
Obligations: All liabilities incurred by an entity towards customers, customers or traders who deal with them.These obligations may be short-term, such as account purchases, or medium-term, such as checks with a date of receipt, or long-term, such as financial loans.
Ownership rights: All rights entailed by the company towards the owners, the owners of capital, or the owners of the shares, all of which are the owners of the enterprise and have their own property rights that appear within the budget.


Steps of budget preparation
In order to prepare the budget, the following steps must be applied: [4]

Using paper or computer for drawing a budget outline based on drawing a T-shaped table in English; the left side contains assets, and the right side has obligations and equity.
Determining the value of the assets in a sequential manner, dividing them into current assets and fixed assets, writing the details of the asset divisions, which include all the financial transactions that took place during the financial period, and then performing the calculations to see their value together, in the total total assets at the end of the list at the left end.
Determining the value of the obligations in a sequential manner with dividing them into short-, medium- and long-term obligations, and then conducting mathematical operations to determine their financial value
Determining the value of equity: the net income that is added to it along with the details of equity, such as capital and shares, which are combined with the sub-value of the liabilities, which leads to the determination of the value of the liabilities and equity.
Ensure that the value of assets is equal to the value of liabilities and equity by relying on the application of the main budget equation.
norina-6
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Rejestracja: 30 lip 2019, 01:57
Płeć: Kobieta
Jestem: Inna osoba
Tytuł / Specjalizacja: ahmed
Kierunek studiów: computer science
Rok studiów: Studia ukończone
Miasto uczelni: mansoura
Uczelnia: science university
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