The income statement presents a company's revenues, expenses, and net profit or loss for a given period.
Bank reconciliation helps ensure that a company's financial records match its bank statements, identifying discrepancies or errors.
A trial balance ensures that total debits and credits are equal, detecting errors in financial records before preparing statements.
The balance sheet provides a snapshot of a company’s financial position by listing its assets, liabilities, and owner’s equity.
Financial reporting provides stakeholders with accurate and transparent financial information to support decision-making.
Double-entry bookkeeping requires recording each financial transaction in two accounts, ensuring that debits and credits remain balanced.
