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PARTIES INVOLVED IN FINANCIAL STATEMENT

Discuss PARTIES INVOLVED IN FINANCIAL STATEMENT within the Financial Management ( FM ) forums, part of the Resolve Your Query - Get Help and discuss Projects category; PARTIES INTERESTED IN THE FINANCIAL STATEMENT The various persons interested in the financial statements for various purposes are as under: ...

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Abhijeet S
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PARTIES INVOLVED IN FINANCIAL STATEMENT - September 23rd, 2010

PARTIES INTERESTED IN THE FINANCIAL STATEMENT

The various persons interested in the financial statements for various purposes are as under:


i. Owners: They have the primary interest in the financial information. They have entrusted their financial resources to the firm and therefore would like to know the periodical performance.


ii. Managers: Managers are responsible for the overall performance of the firm. They make several decisions and therefore they need information.
Accounting provides relevant information, in which managers have direct interest


iii. Creditors: They supply materials and provide services to the organization then they get payment on regular basis.


iv. Bankers: Banks and Financial Institutions are providing loans, both term loans and working capital; against this they are getting interest from the company.


v. Investors: They get the idea of financial strength and performance of the firm from its financial report. They are usually interested in the earning, rate of dividend growth trend of the firm.


vi. Employees and Trade Unions: They also make use of the financial information revealed in the financial statement. They can bargain on matters relating to salary, bonus and other benefits on the basis of information of the financial report. Thus, financial information is useful to employees and union as they get insight into the matter affecting their economic and social interests.


vii. Government: Government is also interested in the financial statement for the tax purpose and for preparation of financial plan. The tax department of the government determines the taxable income of the firm from the financial statement.
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Business Education
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Re: PARTIES INVOLVED IN FINANCIAL STATEMENT - June 17th, 2015

Meaning and Definition of Financial Statement

A financial statement (or financial report) is a formal record of the financial activities of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form easy to understand.

Types of Financial Statements

1) Statement of Financial Position

2) Income Statement

3) Cash Flow Statement

4) Statement of Changes in Equity
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Rose Marry
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Re: PARTIES INVOLVED IN FINANCIAL STATEMENT - April 21st, 2016

Quote:
Originally Posted by abhishreshthaa View Post
PARTIES INTERESTED IN THE FINANCIAL STATEMENT

The various persons interested in the financial statements for various purposes are as under:


i. Owners: They have the primary interest in the financial information. They have entrusted their financial resources to the firm and therefore would like to know the periodical performance.


ii. Managers: Managers are responsible for the overall performance of the firm. They make several decisions and therefore they need information.
Accounting provides relevant information, in which managers have direct interest


iii. Creditors: They supply materials and provide services to the organization then they get payment on regular basis.


iv. Bankers: Banks and Financial Institutions are providing loans, both term loans and working capital; against this they are getting interest from the company.


v. Investors: They get the idea of financial strength and performance of the firm from its financial report. They are usually interested in the earning, rate of dividend growth trend of the firm.


vi. Employees and Trade Unions: They also make use of the financial information revealed in the financial statement. They can bargain on matters relating to salary, bonus and other benefits on the basis of information of the financial report. Thus, financial information is useful to employees and union as they get insight into the matter affecting their economic and social interests.


vii. Government: Government is also interested in the financial statement for the tax purpose and for preparation of financial plan. The tax department of the government determines the taxable income of the firm from the financial statement.
Hi abhi,

Please check attachment for Preparation of financial statements, so please download and check it.
Attached Files
File Type: pdf Preparation of financial statements.pdf (2.20 MB, 0 views)
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