A Quest for an Expert Bookkeeper

Now that you can prepare  a financial statement using the spreadsheet, it is important to note that the quality of your financial documents depend on the accurate bookkeeping procedures you followed.

Looking back to what you have done, you learned that:

1. Financial statements are essential documents that business provided to communicate with the stakeholders.

2. Financial statements are composed of income statement and balance sheet.

3. Income statement reflects the business' nominal accounts which provide information for a net profit or net loss at a certain period.

4. Balance sheet provides the current financial position of the business through the real accounts.

You probably would be interested to learn more about the preparation of financial statements and financial reporting. Try to click on the following links. Happy learning!

(1) http://www.mca.gov.in/XBRL/pdf/framework_fin_statements.pdf