How to Prepare Budgetary Financial Statements. Similar to a balance sheet, a budgetary financial statement helps you determine whether your business is profitable. But unlike a balance sheet ...

A statement of retained earnings shows the changes in retained earnings over time, often a year. Retained earnings are profits leftover after paying dividends.

Learn about profit and loss statements and how they help investors evaluate a company’s financial condition and prospects for future growth.

How to Make a Tax Return From Financial Statements. Financial statements are the annual record of a business's profit and loss for the year. They are usually divided into two parts: an income ...

When it is time to bring in an external audit firm — perhaps because lenders, investors or a regulatory body triggered the need to audit your financial statements — preparation and responsiveness are ...

A new FASB standard released Monday provides guidance for organizations on when and how to prepare financial statements using the liquidation basis of accounting. Accounting Standards Update (ASU) ...