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Re: What Financial Statements Will I Need When Applying...
When getting a business loan, you need to prepare and understand primary financial statements. One is, balance sheet, that is a record of assets, liabilities and capital; and the other is profits (profit and loss) statements, an outline of your income and expenses over a given time frame.
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There are three statements that are always required for borrowing money such as business loans or for most types of business dealings. Those are the balance sheet, income statement, and cash flow statement.
Accounting is an art of recording and organizing data to make financial statements such as Income Statement, Balance Sheet, Statement of Cash Flows to name the few. The financial statements are crucial in the decision making of the management. Accountant (your possible job title) plays an important role in any organization because he or she gives sound financial decision base on her report. http://www.accountingassignmenthelp.net/
Your local Small Business Development Center can offer you with helpful details and information, templates, and worksheets to help you get started. Trade associations can be an amazing source of information for industry-specific statistics. You can additionally test many other resources for your library for information on industry standards and averages. Your accountant can also be a brilliant source of professional assistance when preparing projected financial statements.
When I started learning about these statements I had to understand the different types of the financial statements and what are their uses. There are many tools to calculate various elements like "current/fixed assets", "current/long-term liabilities and "net profit". There are many websites which provide e-book so you can learn more about items in financial statement.
Even an individual needs some form of accounting. Organization needs financial accounting not necessarily to achieve its objectives. Does the organization have a Bank Account, does it need money to buy equipment, computer, furniture etc, does it spend money for various purposes? How do you keep track of all the transactions? Is there a Government body like Taxation, or the company executives you have to report to. about your financial activities, Profit & Loss etc. These are just couple of reasons, why need a Financial Accounting. Hope this will help. luciana44
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