“Financial Statements frequently Asked Questions by expert members with experience in Financial Statements. These questions and answers will help you strengthen your technical skills, prepare for the new job test and quickly revise the concepts”
As per the business entity principle, owner is different from the business. Thus, the profit generated by the business belongs to the shareholders, and hence the business is liable to shareholders for the distribution of profits. In the same way, when loss is incurred in the business it is born by the owners. Hence, it is an asset for the business as it is a receivable from the owners.
o Taxation
o Doubtful Debts
o Dividend
o Contingencies
o Provident Funds Scheme
o Insurance, pension
o Other provisions
Basically to know the two facts about the business the financial statements are prepared:
-Financial position of the business at any given point of time in financial terms
-Result of operations carried out by the business organization during specific period.
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