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Bookkeeping All-In-One For Dummies by Consumer Dummies

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Chapter 7

Getting a Financial Report Ready

In This Chapter

arrow Keeping up-to-date on accounting and financial reporting standards

arrow Assuring that disclosure is adequate and reasonably transparent

arrow Nudging the numbers to make profit and solvency look better

arrow Contrasting financial reports of public and private companies

arrow Dealing with information-overload financial reports

arrow Scrutinizing the statement of changes in owners’ equity

The previous three chapters cover fundamentals of the three primary financial statements of a business. To review briefly:

  • Balance sheet: Summarizes financial condition consisting of amounts for assets, liabilities, and owners’ equity at the closing date of the income statement period, and at other times as needed by managers. (Its formal name is the statement of financial condition, or statement of financial position.) Covered in Book II Chapter 4.
  • Income statement:

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