Financial Report :
Financial Report is place where we can view all the details of our activity taken place under accounts. also give the indications where company is under profit or loss even whether expenses to control and profit to generate.
similarly report can be view or analysed in different ways like - Journal, Ledger, Trial Balance, Balance Sheet.
Journal :- The journal entry can consist of several items, each of which is either a debit or a credit. The total of the debits must equal the total of the credits, or the journal entry is said to be "unbalanced."
In accounting software, journal entries are usually entered using a separate module from accounts payable, which typically has its own sub-ledger that indirectly affects the general ledger; journal entries directly change the account balances on the general ledger.
Ledger :- The general ledger, sometimes known as the nominal ledger is the main accounting record of a business which uses double-entry bookkeeping. It will usually include accounts for such items as current assets, fixed assets, liabilities, revenue and expense items, gains and losses
Trial Balance :- A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns. A company prepares a trial balance periodically, usually at the end of every reporting period. The general purpose of producing a trial balance is to ensure the entries in a company's bookkeeping system are mathematically correct.
Balance Sheet :- A financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time. These three balance sheet segments give investors an idea as to what the company owns and owes, as well as the amount invested by the shareholders.
Asset :- A resource having economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit. A balance sheet item representing what a firm owns.
Liability :- A company's legal debts or obligations that arise during the course of business operations. These are settled over time through the transfer of economic benefits including money, goods or services.
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