Format of Financial Statements

[badum-tisch]

What would be the main differences in the formats of the profit and loss account and balance sheet for different types of businesses? For example retail, manufacturing etc?

Thanks

[David H]

Technically from what I distantly remember they are all the same. Every business has its accounts done the same way regardless of its nature, but the choice of when the profits and income is recorded is up to the accountant as there are various alternatives. All are valid but you should keep to one once you decide on it. Of course the actuall daily accounts will vary greatly if you have stock in one and not in another, and numerous staff or not, but the final accounts will collect all this together in a standard format. (ACA part one, failed!)

[badum-tisch]

Thank you very much David H! :)

Here you go, have 3 stars to make up for having failed it!