This memo’s objective is to explain the financial statements involved in a typical annual report as well as discussing the elements of the particular statements. Financial statements are often described as the language of business. These statements tell the condition and performance of a business historically, currently and prospectively. They are the tongues of businesses that communicate with their users and readers. Financial statements are the formal product or main output of a business’ financial accounting process. These are the means by which the information accumulated and processed in financial accounting is periodically communicated to the users.
The main financial ...
Income Statement Critical Thinkings Samples For Students
3 samples of this type
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Income Statement Vertical Analysis
The gross profit as a fraction of total revenue (gross profit margin) was 60 percent in 2012. There was a slight improvement to 61 percent in 2013 and 2014. Selling and administrative expenses was constant at 37 percent of revenues for all the three years. However, other expenses increased by one percent in each year between 2012 and 2014. The income before taxes as a fraction of revenues declined slightly between 2012 and 2013 by one percent before declining by 4 percent to 20 percent in 2014. Similarly, the consolidated net income as a fraction of the revenues declined ...
Financial information generated from finance departments of any health care organisation are among the major source of data and information that an an organisation needs in order to undertake decision making. This information provides a basis for determining how an organisation is doing and curving out future endeavours and expansions based on this financial information (Fried & Hisrich, 1994). Therefore, the financial information must be at any cost reliable accurate and present true reflection of the situation in the organisation. Existence of accurate and quality information is imperative to effective and efficient decision making in health care organisations (Woolf et al, ...
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