I need a description on what's involed in Prepapeing Finanical reports.?
Answers:
Skills: Detail-oriented, patience, and quantitative.
What you do:
Big Picture: Write and compile a set of diagrams so that the reader knows how well the company is doing.
Small Picture:
accounting-review progress throughout the period of interest. This involves looking at expenses, revenues, cost of goods sold, and ultimately, drafting an income statement. The balance sheet and statement of cash flows are also developed based on the form's previous performance.
finance-review the report you just wrote up, and comment how the ratios have changed between items. For example, comment on how financial or operating leverage has changed, or the level of revenues received by the firm. Comment on the average growth rate between years and give an indication as to where the company is headed in the next period of interest.
summary-preparing financial reports is part compiling data, part interpreting, and finally a judgment in the financial analyst to figure out which details are worth noting to the reader.
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