Financial Statements Associated With Good Organisational Management.
When most of us think of finance within an organisation the term "bottom line" comes instantly to mind. "Bottom line" is a term used to describe net income for the year. The actual "bottom line" for an organisation can be found on their profit and loss accounts at the end of the tax year, along with details of all income and expenditure for said year. The profit and loss account will contain the following information:
1. Gross and net sales
2. Total cost of production including raw materials and production costs
3. Selling and distribution expenses
4. Itemised admin, general and interest costs
5. Adjustments to profit due to tax and dividends.
Once the profit and loss accounts have been prepared, a balance sheet is drawn up. The balance sheet contains a full list of all assets and liabilities for the organisation. The asset list will contain both fixed and current assets. Fixed assets are tangible items such as buildings and equipment. Fixed assets generally deprecate......
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