The Preparation of Financial Statements

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The Preparation of Financial Statements – This is a place for the community to provide tips and advice on The Preparation of Financial Statements. This topic was created by Eveline Henriquez - Dijkhoffz and the tips are provided by the community. The tips you add here can be your own or referred from another site. The best tips are then ranked at the top when up-voted by members of the community.

Tip 1 - Financial Statement Preparation | Steps | Example

Published: 9 years, 2 month(s) ago | Submitted by tlm 884 | permalink

Preparing general-purpose financial statements; including the balance sheet, income statement, statement of retained earnings, and statement of cash flows; is the most important step in the accounting cycle because it represents the purpose of financial accounting.

For further reading: http://www.myaccountingcourse.com/accounting-cycle/financial-statement-preparation ^[1]

Tip 2 - Preparing Financial Statements - Boundless Open Textbook

Published: 9 years, 2 month(s) ago | Submitted by Julia Stedman | permalink

Read more about preparing financial statements in the Boundless open textbook.

For further reading: https://www.boundless.com/accounting/textbooks/boundless-accounting-textbook/accounting-information-and-the-accounting-cycle-2/the-accounting-cycle-23/preparing-financial-statements-147-11154/ ^[2]

Tip 3 - Standards revised for reviews, compilations, engagements to prepare financial statements

Published: 9 years, 2 month(s) ago | Submitted by Andrew Saw | permalink

Clarified and revised standards for compilations and engagements to prepare financial statements released Thursday create a bright line between accounting (preparation) and reporting (compilation) services. The AICPA Accounting and Review Services Committee (ARSC) released Statement on Standards for Accounting and Review Services (SSARS) No. 21, which contains significant changes for

For further reading: http://www.journalofaccountancy.com/news/2014/oct/201411156.html ^[3]

Tip 4 - Final Task of the Accounting Cycle: Preparing the Statements

Published: 9 years, 2 month(s) ago | Submitted by Pawel Bondarowicz | permalink

One of the last steps in the accounting cycle is the preparation of the financial statements. The information from the accounting journals and the general ledger is used to develop the financial statements.

For further reading: http://bizfinance.about.com/od/bookkeepingessentials/tp/Prepare_Fin_Statements.htm ^[4]

Tip 5 - What Is the Sequence for Preparing Financial Statements?

Published: 9 years, 2 month(s) ago | Submitted by Al Kusy | permalink

Financial statements show how well a company has performed over the year and the level of profit achieved. Investors and regulators may make decisions about a small business based on the information ...

For further reading: http://smallbusiness.chron.com/sequence-preparing-financial-statements-30950.html ^[5]