Generating general purpose financial statements; including the balance sheet, income statement, statement of retained earnings, and statement of cash flows; is the most important step in the accounting course because it represents the purpose of financial accounting. In other words, the concept financial reporting and the process of the accounting course are focused on providing external users with useful information in the form of financial statements. These statements are the end product of the accounting system in any company. Essentially, preparing these statements is what financial accounting is all about.
Financial statements can be simple or complex depending on the size of the company. Some statements need footnote disclosures while other can be presented without any. Details like this generally depend on the purpose of the financial statements.
Our professional team prepared Financial statements by transferring the account balances on the adjusted trial balance to a set of financial statement templates. Once the team prepare the statements, the business owner could use it internally to gauge the performance of his business for the year or he/she can issue them to lenders or investors to help raise funds to expand the store.