Accounting for manufacturing company pdf
Answer:
-Financial statements are written records that convey the business activities and the financial performance of a company. The balance sheet provides an overview of assets, liabilities, and stockholders’ equity as a snapshot in time.
-Who Prepares a Company’s Financial Statements? A company’s management has the responsibility for preparing the company’s financial statements and related disclosures. The company’s outside, independent auditor then subjects the financial statements and disclosures to an audit.
-Production of goods in large quantities after processing from raw materials to more valuable products is called manufacturing. Example: Paper is manufactured from wood, sugar from sugarcane, iron and steel from iron ore and aluminium from bauxite. Primary goods are manufactured and become finished goods.
-The P&L must be prepared and signed by a licensed accounting firm; a borrower prepared P&L is not eligible even if the borrower is an accountant and/or is employed by an accounting firm, and. The borrower must sign and date the P&L, and.
