problem in financial_research

May 28th, 2015
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Definition Smith and Asburn define financial statements as “the end product of financial accounting in a set of financial statements prepared by the accountant of a business enterprise—that purport to reveal the financial position of the enterprise, the result of its recent activities, and analysis of what has been done with earnings”.

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FINANCIALSTATEMENTSBYDR.MAHESH KUMAR.K.R.M.com., MBA (Marketing), MBA., (I&RM).,MHRM., MA (Economics)., MS(Edu.Mgt).,LLB.,PGDFM., PGDBA., M.Phil., Ph.D.,MSc.,( Psy).,Meaning:Financial statement is a collection of dataorganized according to logical and consistentaccounting procedures. In other words,financial statements are the outcome ofsummarizing process of accounting.DefinitionSmith and Asburn define financialstatements as the end product of financialaccounting in a set of financial statementsprepared by the accountant of a businessenterprisethat purport to reveal the financialposition of the enterprise, the result of its recentactivities, and analysis of what has been donewith earnings.NATURE OF FINANCIAL STATEMENTSRecorded factsGAAPsPostulates (Assumptions)Personal judgementsCOMPOSITION OF FINANCIAL REPORTS1. Financial statementsa)Profit and Loss account (Income Statement)b) Balance Sheet2. Reportsa)Directors reportb)Chairmans speech (Delivered at the Annual General Meeting)c) Auditors report3. Schedulesa) Schedule of Fixed assets b) Schedule of Longterm investements c)Schedule of inventories d) Schedule of reserves e) schedule of longtermliabilities etc.,4. Explanatory notesa) Depreciation methods b) Inventory valuation methods c) Details ofcontingent liabilities etc.,5. Statements of changes in financial positiona) Fund flow statement b) Cash flow statementOBJECTIVES OF FINANCI

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