Which Of The Following Financial Statement Is Generally Prepared First

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  1. PrusBoleslaw
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    2023-01-24T13:50:18+05:30
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    Which Of The Following Financial Statement Is Generally Prepared First

    Most businesses routinely prepare both income and expense statements, but which of the following is generally prepared first? Net income Income tax payable Expenses payable Profit and loss statement income statement

    Balance Sheet

    A company’s balance sheet is generally prepared first, followed by its income statement. The purpose of the balance sheet is to provide a snapshot of a company’s financial condition and its ability to meet its obligations. The main components of the balance sheet are assets, liabilities, and equity. The asset section includes items such as cash and investments, property, and equipment. The liability section includes debts and commitments such as loans and leases. The equity section includes shares of stock, venture capital investments, and retained earnings.

    Income Statement

    There is no definitive answer when it comes to which financial statement is prepared first, as the order of precedence can change depending on the company and its specific operations. However, some general guidelines to follow include:

    1. Balance Sheet
    2. Income Statement
    3. Cash Flow Statement

    Cash Flow Statement

    The cash flow statement is generally prepared first and contains information such as inflows, outflows, and net change in cash and equivalents. This statement helps management track the company’s financial position over time and make decisions regarding investment, financing, and decision making.

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