By John A. Tracy

The writer is well-renowned and hugely successful.Figures and examples are revised and spreadsheet prepared templates are provided.Offers speedy tips and state of the art ideas.Totally revised new version of a hugely winning e-book.

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Investors and lenders depend on the reliability of the information in financial statements. They do not have an alternative source for this information—only the financial statements. PREMISES AND PRINCIPLES OF FINANCIAL STATEMENTS The shareowners of a business are entitled to receive on a regular basis financial statements and other financial information about the business. Financial statements are the main means of communication by which the management of a business renders an accounting, or a summing-up, of their stewardship of the business entrusted to them by the investors in the business.

The internal management profit report presents this key information. 3 presents the management profit report for the business example. 3). Variable operating expenses are separated from fixed operating expenses, and the variable expenses are divided into revenuedriven versus unit-driven. This three-way classification of operating expenses is the key difference between the external and internal profit reports. Also note that a new profit line is included, labeled contribution margin, which equals gross margin minus variable operating expenses.

A separate, distinct financial statement is prepared for each of the three financial imperatives of every business: • Make profit. The income statement (also called the profit and loss statement) summarizes the revenue and expenses of the business and the profit or loss result for a period of time such as one year. • Generate cash flows. The statement of cash flows summarizes the various sources and uses of cash of the business for the same period as the income statement. • Control financial condition.

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