Reconciliation of Financial Statements

When you have finished working through this chapter you should be able to carry out the following tasks in the context of a simple integrated example providing summary information on all the business transactions of an accounting period Apply the matching concept in order to calculate profit, making use of a given stock valuation and depreciation method Draw up a profit and loss account Draw up a cash flow statement Calculate debtor and creditor balances as at the end of the accounting period Draw up a balance sheet as at the end of the accounting period by bringing together the end balances of the depreciation and stock calculations, the cash flow statement, the debtors' and creditors' workings and the retained profit from the profit and loss account Demonstrate your competence in the area of financial accounts by combining all the above skills in drawing up a set of financial statements in the context of a case study which is presented at the end of Part I KeywordsCash FlowBalance SheetTrade CreditorCurrent AssetAccounting PeriodThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.