Tax advisor in ... with financial and payroll accounting : Annual financial statements / balance sheet / profit and loss statement

2419 Tax advisor with financial and payroll accounting : Annual financial statements / balance sheet / profit and loss statement found (from 10634)

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Annual Financial Statements, Balance Sheet and P&L – Simply Explained

The annual financial statements are an important part of a company's accounting . They provide an overview of the financial situation and business results of a company at the end of a financial year. They usually consist of the balance sheet and the profit and loss account (P&L).

balance sheet

The balance sheet shows the assets and liabilities of a company on a specific date. tax advisor guide GUV

It is divided into two pages:

    • Assets : Assets of the company, such as machinery, buildings, bank balances or accounts receivable.
    • Liabilities : liabilities and equity, i.e. how the assets were financed (through equity or debt).

The balance sheet provides an overview of what the company owns and how it has financed it.

profit and loss statement (P&L)

Abbreviated as P&L , this is where the income and expenses of a company are compared. This allows the profit or loss of a company to be determined.

The annual financial statements provide a comprehensive overview of the company’s financial situation and its business success in the past year.

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