Q:
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What are financial reports and what’s the purpose of financial reports?
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A:
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Financial reports are quantified report that record the financial situation of a company also reflect the company non- financial information such as the invested figures by the shareholders, it serves the purpose of allowing the company stakeholder understands the company financial condition, also, it had been allowing the company management understand the efficiency of strategy that had been implemented to the company.
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Q:
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Who will be interested in the company financial statements?
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A:
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Any stakeholder, by means that a person who will be influenced by the company financial situation and decision made are interested in the financial statements of the company. Also, the local tax authority, industry authority (such as hygienic authority when the company is in the food industry) and banker are also interested in the company financial statements.
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Q:
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What to prepared to have a better and clearer view of the company financial situation?
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A:
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They are 5 types of report that is required in statutory audit. All these reports served a difference purpose in difference condition:
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Q:
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Who is the person is responsibility to draw up the financial statements of the company?
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A:
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The director is responsibility to oversee the whole process of preparing the annual financial statements, these financial statements are then required to be presented in the annual general meeting of the company.
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Q:
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What kinds of documents that would be required to prepare the company financial statements?
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A:
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The financial statements are being drawn up with inputting the data from,
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Sales invoices that had been generated throughout the financial year
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Cost invoices that had been incurred in the financial year
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Loan agreement, purchases agreements and other legal documents
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Bank statements that covers the period of the financial year
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Stock tick report, and stock shipping note
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FAQ
