![]() It gauges the operational efficacy, net profitability, and also the earning per share. There are various headings under this statement, such as sales, cost of goods sold, depreciation, financial expense, and many other particulars. This statement depicts the revenue and loss position for a specific period. The balance sheet’s main components are current assets, current liabilities, non-current assets, fixed assets, non-current liabilities, long-term liabilities, and equity (which primarily comprises of capital, retained earnings, and long term reserves.) The second statement is a profit and loss statement, also called an income statement. The statement comprises an audited report stating whether figures and record-keeping are qualified or unqualified. Financial statements and audited reports are preferred to gauge the financial health of the business.
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