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Financial statements & analysis

Financial statements & analysis Financial statements are written records that convey the business activities and the financial performance of a company. The financial statements are used by investors, market analysts, and creditors to evaluate a company's financial health and earnings potential. The three major financial statement reports are the Balance sheet Income statement Cash flow statement Financial statements are often audited by government agencies, accountants, firms, etc. to ensure accuracy and for tax, financing, or investing purposes. Sources of financial information To effectively evaluate the financial performance of the business requires financial information from three sources: a balance sheet, an income statement and a cash flow statement. Balance Sheet A balance sheet is a statement of assets, liabilities, and capital of a business or an organization at a particular point in time, detailing the balance of income and expenditure ov...

Importance of corporate governance

Corporate governance is important for the following reasons: 1. It shapes the growth and future of capital markets of the economy. 2. It helps in raising adequate funds from capital markets. 3. It links the company's management system with its financial reporting system. 4. It enables management to take innovative decisions for effective functioning of an enterprise within the legal framework of accountability. 5. It supports investors by making corporate accounting practices transparent. Corporate enterprises have to disclose financial reporting structures. 6. It provides adequate and timely disclosure, reporting requirements, code of conduct etc. Companies present material price sensitive information to outsiders and ensure that till the time this information is made public, insiders abstain from dealing in corporate securities. It, thus, avoids insider trading. 7. It improves efficiency and effectiveness of an enterprise and adds to material wealth of the economy. 8. It improves...

Difference between Vouching , Verification and Valuation

Difference between Vouching , Verification and Valuation Vouching Verification Valuation Meaning Vouching is a process of comparing the entries in the books of accounts with the bonafide vouchers Verification is a process which proves the existence, ownership and title to the assets Valuation is a process which certifies the correct value of the assets and liabilities at the date of balance sheet. Subject Matter Vouching is made of the entries recorded in the books of original entry and their posting in the ledger Verification on the other hand is made of assets and liabilities appearing in the balance sheet at the end of the year Valuation is also made of assets and liabilities appearing in the balance sheet at the end of the year By whom Vouching is done by the senior auditor and audit clerks. Verification on the other hand is done by the auditor himself or his associates Verification on the other hand is done by the auditor himself or his associates When Vouching is done...

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