The document discusses accounting reports and accountability. It defines accounting as recording, classifying, and summarizing financial transactions and events. Accounting involves recording assets, liabilities, income, and expenses. There are two main types: financial accounting provides external financial reports, while management accounting provides internal reports for decision-making. Key financial reports include the income statement, balance sheet, statement of cash flows, and statement of retained earnings.

1. “ ACCOUNTING REPORTS AND ACCOUNTABILTY”

2. SAJID GHAFOOR.DOC “ ACCOUNTING REPORTS AND ACCOUNTABILTY” INDIVIDUAL PAPER PRESENTED BY SAJID GHAFOR

3. Such financial information is used by managers, lenders, investors, tax authorities, regulators, and other decision makers to make resource allocation. Accounting is the art of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management. ACCOUNTING - INTRODUCTION :

4. The American Institute of Certified Public Accountants (AICPA) "The art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof.” ACCOUNTING - INTRODUCTION :

6. Financial Accounting involving the collection, recording and extraction of financial information, and the summary of it in the form of a periodic profit and loss account, a balance sheet and a cash flow statement in accordance with legal, professional, and capital market requirements. Management accounting performed within an organization to provide information only accessible to its decision-makers that will allow them to be better equipped in their management and control functions. TYPES OF ACCOUNTING

10. Income Statement Balance Sheet referred to as statement of financial position or condition, reports on a company's assets, liabilities, and Ownership equity as of a given point in time . Statement of cash flows Statement of retained earnings Financial statements

11. Balance Sheet Income Statement referred to as Profit and Loss statement, reports on a company's income, expenses and profits over a period of time. Profit & Loss account provide information on the operation of the enterprise. Statement of cash flows Statement of retained earnings Financial statements

12. Balance Sheet Statement of retained earnings : explains the changes in a company's retained earnings over the reporting period. Income Statement Statement of cash flows Financial statements

13. Balance Sheet Statement of cash flows : Statement of cash flows reports on a company's cash flow activities; particularly it’s operating, investing and financing activities. Income Statement Statement of retained earnings Financial statements

14. ASSETS Current Assets Cash and cash equivalents Accounts receivable (debtors) Inventories Prepaid Expenses Investments held for trading Other current assets Fixed Assets (Non-Current Assets) Property, plant and equipment Less : Accumulated Depreciation Goodwill Other intangible fixed assets Investments in associates Deferred tax assets LIABILITIES and EQUITY Creditors: (Current Liabilities) Accounts payable Current income tax liabilities Current portion of bank loans payable Short-term provisions Other current liabilities Creditors: (Long-Term Liabilities) Bank loans Issued debt securities Deferred tax liability Provisions Equity Share Capital Capital reserves Revaluation reserves Retained earnings Sample balance sheet structure Balance Sheet of XYZ, Ltd. as of 31 December 2009

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