{"id":32130,"date":"2017-06-11T15:00:48","date_gmt":"2017-06-11T07:00:48","guid":{"rendered":"https:\/\/zahiraccounting.com\/en-my\/?p=32130"},"modified":"2017-06-09T14:42:03","modified_gmt":"2017-06-09T06:42:03","slug":"what-reports-should-be-prepared-for-year-end","status":"publish","type":"post","link":"https:\/\/zahiraccounting.com\/en-my\/32130-what-reports-should-be-prepared-for-year-end.html","title":{"rendered":"What Reports Should Be Prepared For Year End ?"},"content":{"rendered":"<p style=\"text-align: center;\"><a href=\"https:\/\/zahiraccounting.com\/en-my\/wp-content\/uploads\/2017\/06\/What-Reports-Should-Be-Prepared-For-Year-End-01.png\"><img class=\"aligncenter size-full wp-image-32160\" src=\"https:\/\/zahiraccounting.com\/en-my\/wp-content\/uploads\/2017\/06\/What-Reports-Should-Be-Prepared-For-Year-End-01.png\" alt=\"What Reports Should Be Prepared For Year End\" width=\"903\" height=\"302\" srcset=\"https:\/\/zahiraccounting.com\/en-my\/wp-content\/uploads\/2017\/06\/What-Reports-Should-Be-Prepared-For-Year-End-01-120x40.png 120w, https:\/\/zahiraccounting.com\/en-my\/wp-content\/uploads\/2017\/06\/What-Reports-Should-Be-Prepared-For-Year-End-01-200x67.png 200w, https:\/\/zahiraccounting.com\/en-my\/wp-content\/uploads\/2017\/06\/What-Reports-Should-Be-Prepared-For-Year-End-01-300x100.png 300w, https:\/\/zahiraccounting.com\/en-my\/wp-content\/uploads\/2017\/06\/What-Reports-Should-Be-Prepared-For-Year-End-01-400x134.png 400w, https:\/\/zahiraccounting.com\/en-my\/wp-content\/uploads\/2017\/06\/What-Reports-Should-Be-Prepared-For-Year-End-01-500x167.png 500w, https:\/\/zahiraccounting.com\/en-my\/wp-content\/uploads\/2017\/06\/What-Reports-Should-Be-Prepared-For-Year-End-01-600x201.png 600w, https:\/\/zahiraccounting.com\/en-my\/wp-content\/uploads\/2017\/06\/What-Reports-Should-Be-Prepared-For-Year-End-01-768x257.png 768w, https:\/\/zahiraccounting.com\/en-my\/wp-content\/uploads\/2017\/06\/What-Reports-Should-Be-Prepared-For-Year-End-01-800x268.png 800w, https:\/\/zahiraccounting.com\/en-my\/wp-content\/uploads\/2017\/06\/What-Reports-Should-Be-Prepared-For-Year-End-01.png 903w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/a><\/p>\n<p>There are at least 5 reports included in the main financial statements that must be prepared \u00a0by the end of the year. What are they? Let\u2019s see the following description.<\/p>\n<p>The Financial Statement is a report showing the financial condition of a company in a specified date (for balance sheet) and certain period (for profit and loss).<\/p>\n<p>In general, purposes of Financial Statements in general are as follow:<\/p>\n<ul>\n<li>Provides the business information and amount of asset<\/li>\n<li>Provides the information of the amount of liabilities and capital<\/li>\n<li>Provides the information regarding to the type and amount of revenue<\/li>\n<li>Provides the information regarding the amount and type of costs<\/li>\n<li>Provides the information regarding to the changes of company\u2019s assets, liabilities, and capital<\/li>\n<li>Provides the information regarding the management\u2019s performance within specified period<\/li>\n<\/ul>\n<p>The data presented in the Financial Statement is a combination of:<\/p>\n<ul>\n<li>\u00a0Recorded facts<\/li>\n<li>Accounting convention and pos-tule<\/li>\n<li>Personal judgment<\/li>\n<\/ul>\n<p>Some limitations in Financial Statements are:<\/p>\n<ul>\n<li>Creating financial statement by historical<\/li>\n<li>Financial reports for public<\/li>\n<li>The preparation process is closely related to certain considerations and estimations<\/li>\n<li>Financial reports are conservative to meet uncertainty condition<\/li>\n<li>Financial reports always refers to the economic view in responding current events, not the formal nature.<\/li>\n<\/ul>\n<p>The evaluation of Financial Statement is first conducted by internal party from the company. The subsequent evaluation will be conducted by a licensed public accountant. The accountant will provide an assessment after examining with the established standards and inspection procedures. Fair or unreasonable opinions will be provided if the Financial Statements are prepared in accordance with the usual accounting principles and have been applied consistently from year to year.<\/p>\n<p>The parties concerned with the Financial Statement are:<\/p>\n<ul>\n<li>Owners, to review the business growth and development including the dividend earned<\/li>\n<li>Management, to review the performance in specified period<\/li>\n<li>Creditors, to assess the company viability in obtaining loans and ability to pay it<\/li>\n<li>Government, to assess the company\u2019s compliance to meet its obligation to government<\/li>\n<li>Investors, to assess the business prospect, the capability to provide dividends and share value as determined.<\/li>\n<\/ul>\n<p>Types of Financial Statements:<\/p>\n<p>1 Balance sheet<\/p>\n<p>2 Income statement<\/p>\n<p>3 Capital changes report<\/p>\n<p>4 Cash flow statement<\/p>\n<p>5 Notes of financial statement<\/p>\n<p>&nbsp;<\/p>\n<ol>\n<li>Balance Sheet is an attachment that shows the amount of assets , liabilities (debt), and company capital (equity) of the company at a certain time.<\/li>\n<\/ol>\n<p>Complete information presented in the balance sheet includes:<\/p>\n<ul>\n<li>\u00a0 Types of Assets (Assets)<\/li>\n<li>Amount of each asset<\/li>\n<li>Types of liability<\/li>\n<li>Total amount of each type of liability<\/li>\n<li>Types of capital (Equity)<\/li>\n<li>Amount of each type of capital.<\/li>\n<\/ul>\n<p>The balance equation is obtained by using the following formula:<\/p>\n<p>Assets = Liabilities + Capital<\/p>\n<p>There are two types of Balance Sheet:<\/p>\n<ol>\n<li>\u00a0Horizontal (Account Form)<\/li>\n<li>Report or Vertical Form (Report Form)<\/li>\n<li>Profit Loss report is the report that informs the business condition in specified period which is reflected from the received income and spent expenses. Therefore the company will recognize the condition whether in a state of profit or loss.<\/li>\n<\/ol>\n<p>The information presented in the income statement includes:<\/p>\n<ul>\n<li>\u00a0Types of income earned in a period<\/li>\n<li>Amount received in each income<\/li>\n<li>Total revenue<\/li>\n<li>Types of costs or expenses in a period<\/li>\n<li>The amount of each cost or expenses<\/li>\n<li>Total cost spent<\/li>\n<\/ul>\n<p>Business results obtained by reducing the amount of income and the cost of the difference is called profit or loss.<\/p>\n<p>The Income Statement can be arranged in two forms;<\/p>\n<ol>\n<li>Single Shape (Single Step)<\/li>\n<li>Multiple Steps<\/li>\n<li>The change of capital statement, tells company\u2019s current asset and the reasons of capital changes.<\/li>\n<\/ol>\n<p>The information provides include:<\/p>\n<ul>\n<li>\u00a0Types and amount of current capital<\/li>\n<li>Amount of each type of capital<\/li>\n<li>Amount of capital changes<\/li>\n<li>The causes of capital changes<\/li>\n<li>Amount after capital changes<\/li>\n<\/ul>\n<ol start=\"4\">\n<li>The Cash Flow Statement is a report showing incoming cash inflows and \u00a0outgoing cash \u00a0(expenses).<\/li>\n<li>Notes on Financial Statements are reports made related to the Financial Statements presented. This report provides necessary information regarding to the existing Financial Statement clarify the causes.<\/li>\n<\/ol>\n<p>The purpose and benefits of Financial Statement analysis are:<\/p>\n<ul>\n<li>\u00a0Recognize the company&#8217;s financial position in a certain period<\/li>\n<li>Recognize the company\u2019 weaknesses<\/li>\n<li>Recognize the company\u2019s strength<\/li>\n<li>Establish the improvement to assess the management\u2019s performance<\/li>\n<\/ul>\n<p>Steps taken in financial analysis are:<\/p>\n<ul>\n<li>\u00a0Collecting the financial statement and the necessary data as complete as possible<\/li>\n<li>Perform measurement and calculations with certain formulas<\/li>\n<li>Interpreting the calculation result and measurement<\/li>\n<li>Reporting the company\u2019s financial position<\/li>\n<li>Provide the required recommendation in accordance to the analysis result<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>There are at least 5 reports included in the main financial statements that must be prepared \u00a0by the end of [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":32161,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[108,109],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Reports Should Be Prepared For Year End ?<\/title>\n<meta name=\"description\" content=\"There are at least 5 reports included in the main financial statements that must be prepared by the end of the year. 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What are they? 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