Accounting - Reporting - profit and loss statements
Reporting - Profit and Loss statements
Three major accounting reports are:
* Cash flow statement
* Profit and Loss statement
* Balance sheet
When preparing reports the Profit and Loss statement requires both
vertical and horizontal classification. The multi column Profit and
Loss statement must indicate both gross margin and contribution margin.
Make sure that you classify expenses.
Likely errors when compiling reports include the display of aliens such as
drawings, loan repayment and petty cash as expenses and the incorrect
calculation of depreciation. This takes place when depreciation is shown
for one year and the reporting period is only one month.
The Profit and Loss statement may be:
- a trading Profit and Loss statement with functional classification
- a departmental Profit and Loss statement
The reports are included in the following exercise titled 'Horse People'.
You should use the solution as a template for the reports mentioned above.
View the text document for the exercise titled 'Horse people'.
View the text document for solution to exercise titled 'Horse people'.
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