Financial Statement Preparation

The financial statements preparation team Checklist is as below:

Accrual  of the expenses

  • Any invoices that have not been received.

  • An expense for any wages earned but not yet paid as of the end of the reporting period

  • An income tax expense, based on the corrected income statement.

Based on bank reconciliation, and create journal entries to record all adjustments required to match the accounting records to the bank statement..

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Comparison of  

  • the receiving log and vendors accounts statement to accounts payable to ensure that all supplier invoices have been received.

  •  the shipping log to accounts receivable to ensure that all customer invoices have been issued. Issue any invoices that have not yet been prepared.

Calculation of

  • depreciation and amortization expense for all fixed assets in the accounting records.

  • the ending inventory count, or use an alternative method to estimate the ending inventory balance. Use this information to derive the cost of goods sold, and record the amount in the accounting records.

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