Management report, which means a report in accounting is a document that provides detailed financial information and analysis to help management make decisions about the business.
A management report is a comprehensive document that includes:
REPORT | DEFINITION |
---|---|
Profit & Loss | Also called an ‘Income Statement’, contains the company’s revenue & expenses (Revenue - Expenses = Net profit / Net loss) |
Balance Sheet |
Breakdown of all the company’s assets/liabilities, and equity (Asset: Fixed assets, cash, bank, inventory) (Liabilities: Loan, accounts payable, accrued expenses, taxation) (Equity: Share capital, retained earnings) |
Trial Balance | A bookkeeping worksheet showing the closing balance of all accounts is in balance |
Bank Reconciliation | The summary of banking accounts that reconciles with financial record |
Debtor Aging / Creditor Aging | Summary of the outstanding balance owed by the debtor (customer) / owed to the creditor (supplier) |
General Ledger | Breakdown of record company’s all transaction data |
The accountant will compile the management report containing the above report, to present it to the director and shareholder during the board meeting. Here is a simplified guide to understanding your report:
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