Guide to preparation of financial statements
- 4.3
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Brief Introduction
In depth steps to prepare financial statement of a sole proprietor | Right from collecting data till analyzing itDescription
The accounting cycle is the name given to the collective process of recording and processing the accounting events of a company. The series of steps begin when a transaction occurs and end with its inclusion in the financial statements.
Financial statements (or financial report) is a formal record of the financial activities and position of a business, person, or other entity. It mainly consist of Trading account, Profit & Loss account and the balance sheet.
It is standard practice for businesses to present financial statements that adhere to generally accepted accounting principles (GAAP) to maintain continuity of information and presentation across international borders.So it is very important for companies to prepare financial statement which gives true and fair view of the business.
-What you will learn?
This is our best selling course which will be taking you through different Steps to prepare financial statement of a sole proprietary concern. When recording manually,this is the general procedure that is followed. It is important to understand this base even when we follow a non traditional way of book keeping.
So it's begin with the,
1st stage which is collecting data:
-Source documents
2nd stage which is recording & transferring:
-Journal entries
-Posting entries from Journal to ledger.
-Introduction to Subsidiary Books, Preparing a Cash book and Petty cash book
-Bank Reconciliation Statement
Then the 3rd stage which is finalizing stage:
-Trial Balance
-Rectification of errors
-Depreciation
-Closing Stock
-Adjustments in accounting
-Bad Debts
-Financial Statements
Then the 4th and final stage which is analyzing stage:
-Reading and analysis of Financial Statements
-Comparing & Analyzing two Financial Statements
-Finding missing information by comparing Financial Statements
-Deriving Missing financial Statement from available information
-Deriving Cash/Bank Summary from 2 years statement
There are also some Accounting Test Time videos arranged for your practice/revision wherever needed.
-Who can take this course?
It is beneficial to you weather you are a student, professional or businessman who wants to have proper knowledge of all the fundamentals of accounting. We believe that anyone can learn accounting with a proper guidance!
-Benefits of taking this Course:
We have focused more on understanding of concepts and tried to explain it in a simple and easy to learn format for all.
This course will make your knowledge of preparing financial statement stronger with the help of:
Explanatory videos ensures complete concept understanding.
Downloadable resources helps in applying your knowledge to solve various problems.
Quiz video helps in testing your knowledge.
In short it is an interesting course fulfilling all the student's needs.
So hurry up and enroll now!!
Use Coupon Code: SALE30
Requirements
- Requirements
- Must have a knowledge of basic fundamentals of accounting
- Knowledge of all accounting principles & conventions
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