Articles Tagged ‘The financial statements’
Programs for each company's internal control and audit can vary, but here is an outline of how to apply these elements within and utility organizations that provide for management analysis and decision making of senior and management. INTERNAL CONTROL PROGRAM FOR THE COMPANY AND AUDIT To validate the information the company has provided with respect to the item available, setting the audit program and internal control by developing the points listed below: 1. Review and assess the strength and / or weaknesses of internal control system and based on that review: Compliance testing and determine the extent and timing of audit procedures applicable under the circumstances. Prepare a memorandum or report on the results of the work, conclusions and comments about the strength and / or internal control weaknesses that require immediate action or may be appropriate points for the letter of recommendations. 2. Plan and carry out substantive testing of the figures showing the financial...
Are the provisions relating to preparation for the submission of the statement of changes in financial position expressed in pesos of purchasing power at the balance sheet date. The goal is to provide relevant and focused on a period, so that users of financial statements with sufficient information to: a) Evaluate the company's ability to generate resources. b) Assess the reasons for the differences between net income and funds generated or used by the operation. c) To assess the ability of the company to meet its obligations to pay dividends, and if necessary, to anticipate the need for funding. d) To assess the changes in the company's financial situation arising from investing and financing transactions that occurred during the period. The basic financial statement shows (in pesos) the resources generated or used in the operation, the main changes in the financial structure of the entity and its final reflection on cash and cash equivalents through a period of time. The t...
GENERAL PURPOSE FINANCIAL STATEMENTS These states are those that are prepared at the close of a term to be known by users indeterminate, with the main spirit serves the common good of the public to assess the ability of an economic entity to generate positive cash flows. Should be characterized by their status, neutrality clearly and easily. They are general purpose statements, the Basic Financial Statements and Consolidated Financial Statements. Basic Financial Statements Balance Sheet: This statement should relate the liabilities and assets, in order to be recognized that it can determine fairly the financial position of the economic entity at a given date. Statement: The sum of revenues, costs, expenses and restatement related properly we must cast the net income. State of Change in Equity Statement of Changes in Financial Position Cash Flow Statement Consolidated Financial Statements All those who present the financial position, results of operations, changes in equity ...
1. - What is a financial statement? It is a document whose purpose is to provide information on the company's financial situation to support decision-making. 2. - What is the financial situation in the company? Is the situation that is according to the results once the operations have been performed to date or period? 3. - What is the point of contact between the statement of financial position with the statement? The focal point is the profit or loss realized from the exercise. 4. - What statements do you know? The income statement, the statement of costs of production, income statement and statement of changes in financial position. 5. - How do you determine the cost of sales? Initial Inventory + Shopping = Available - Final Inventory = Cost of sales 6. - How do you determine the cost of production and of sales? The cost of sales shows the cost of production or acquisition, as the processor or trader of goods sold that generated the income reported on line sales. 7...
The company's financial statements represent their economic status and are the main source of information with third parties about your performance, so it is vital to know the different types of states with the elements that characterize them. The financial statements reflect the full range of concepts of operation and functioning of enterprises, all information that should serve them appears to know all the resources, obligations, capital expenditures, revenues, costs and any changes that occurred in them out of the financial year, also to support the planning and business management, decision making, analysis and evaluation of managers to exercise control over domestic economic items and to help assess the impact this has on the external social factors. In Colombia, regulating the use of financial statements and their elements in Decree No. 2649 of 1993, the main objective of this paper is to show the main types of financial statements that ultimately are the main providers of i...