Purpose of Reporting
Reporting provides a critical analysis of all the areas of the organization. They are vital tools for decision making and offer the opportunity to analyze and solve business issues. In the finance context, reporting involves upholding standard practices to provide stakeholders with an accurate representation of the firm’s finances (Shakespeare, 2020). Financial reports facilitate tax process (Dennis, 2018).
The government requires the entire industry to prepare and deliver these documents to external auditors to review and determine the firm’s tax position based on its overall performance. In addition to observing government requirement, financial reports -Income statement and balance sheet- are prepared to give stakeholders an overview of the financial integrity and company’s creditworthiness (Maverick, 2020). Investors can determine the economic wellbeing of the firm; Credit vendors and banks can develop an understanding of the business operations before committing their funds.
The net income statement details the revenue and expenses from the business’ operation over a specific period; yearly, quarterly or monthly (Huang, 2019). The statement begins with sales revenue for the period covered. The cost of good is the general value of raw materials; this is deducted from sales revenue to acquire the gross profit (GP). GP indicates the business profitability in consideration of the direct expenses, but before accounting for the overheads cost (general, operating and interest expense) and tax expense. Net profit is the bottom-line result after subtracting indirect cost from the Gross profit. The Balance sheet shows the financial position of the company by outlining the total asset and their financing, through either debt or equity (Huang, 2019). Its grounded on the fundamental formula: Assets = Liabilities + Equity.
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