Financial Statements

Financial Statements

Evaluating False Financial Reporting: Uncovering Deceptive Practices in Financial Statements

On December 2, 2001, energy giant Enron shocked the world with its highly publicized bankruptcy after being arrested for gross accounting fraud. United States Bankruptcy Court for the Southern District of New York. “Information about the bankruptcy of Enron.” His dubious tactic was aimed at artificially improving the company’s financial prospects by creating off-balance sheet special …

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Small Business Taxation in the UK

Small Business Taxation in the UK: Understanding the Basics

Running your own limited company provides greater flexibility over your income Tax, specifically on how and when you pay yourself. This enables you to structure your remuneration more tax-efficiently by taking a director’s salary through PAYE and drawing shareholder dividends at regular intervals or periodically when company profits allow. Furthermore, directors’ loans and various employee …

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Financial Statements

Key Financial Statements for Business Accounting in the UK: Understanding the Balance Sheet, Income Statement, and Cash Flow Statement

What are the Three Financial Statements? The three financial statements are: (1) income statement (2) balance sheet (3) statement of cash flows. Each financial statement provides important financial information to the internal and external stakeholders of a business. The income statement illustrates a company’s profits under accrual accounting rules. The balance sheet shows the assets, …

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