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You are asked by the CEO to make a change on one of the financial statements...

You are asked by the CEO to make a change on one of the financial statements prior to releasing it for review by the board and others. You are concerned that this is will not accurately reflect the information as it should. Discuss what your next steps are and why you chose those options.

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Answer #1

FINANCIAL STATEMENTS MEANS THE COMMUNICATION OF COMPANY TO ALL THE PARTIES . IT IS THE RESPONSIBILITY OF MANAGEMENT TO PREPARE FINANCIAL STATEMENTS IN CORRECT MANNER . IT IS PREPARED IN THE FOLLOWING ORDER.

1. INCOME STATEMENT

2. STATEMENT OF RETAINED EARNINGS - ALSO CALLED STATEMENT OF OWNER;S EQUITY

3. THE BALANCE SHEET

4. THE STATEMENT OF CASH FLOWS

IT PROVIDES INFORMATION ABOUT FINANCIAL HEALTH. IT IS ALSO USEFUL FOR MAKING DECISIONS REGARDING EXPANSION AND FINANCING. SO IT MUST PREPARE IN PROPER MANNER. THAT MEANS IT MUST REFLECT ALL THE CHANGES IN THE BUSINESS.

HERE IT IS NOT REFLECT THE INFORMATION AS IT SHOULD. SO I WILL ANALYZE THE INFORMATION IN THE FINANCIAL STATEMENTS AND MAKE CHANGES ON IT. I WILL PREPARE IT PROPERLY BEFORE RELEASING IT FOR REVIEW BY THE BOARD AND OTHERS.THE INFORMATION WHICH IS IMPORTANT BUT DOES NOT INCLUDE IN THIS FINANCIAL STATEMENT IS ADDED TO IT.

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