Great animations! No questions though.

Three major accounting reports are: Cash flow statement Profit and Loss statement Balance sheet

How can one differentiate between profit and loss statement, balance sheet and cash flow statement if the tables are drawn and no title is given?

Majorly, Cash flow statement, profit and loss statement and balance sheet are prepared to give up to date financial information of an organization

Majorly, Cash flow statement, profit and loss statement and balance sheet are prepared to give up to date financial information of an organization

Profit and Loss statements

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'.

Profit and loss statement may be 1. trading profit and loss statement with functional classification 2. departmental profit and loss statement .

Majorly, Cash flow statement, profit and loss statement and balance sheet are prepared to give up to date financial information of an organization.

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