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Module 1: Profit and loss statements

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Report - profitto e classificazione - istruzioni perdita

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XSIQ
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Accounting - Reporting - profit and loss statements - classification

Classification

Classification [1] is another area for discussion. The benefits of
classification may be linked to departmental Profit and Loss statements.
They include:

* enabling the assigning of responsibility to department managers

* measuring performance of particular departments

* helping recording - specialised journals save time and effort

* assisting control - performance figures may be compared with budget
figures

* providing information for decision making

The benefits of preparing accounting reports more frequently than once a
year include:

* they assist planning and control by enabling comparisons with budgeted
figures

* a business can respond more readily to both favourable and unfavourable
trends in its operations

* they assist in making policy decisions; for example, a change in prices

* more effective monitoring of the performance of the business

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[1] http://alison.com/#