The Financial Review is where business performance is quantified in dollars The Financial Review has two major parts: Discussion and Analysis, and Audited Financial Statements. A third part might include information supplemental to the Financial Statements. In the Discussion and Analysis, management explains changes in operating results from year to year. This explanation is presented mainly in a narrative format, with charts and graphs highlighting the comparisons. The Operating results are numerically captured and presented in the Financial Statements. (http://www.terry.uga.edu/akefalas/courses/mirrors.htm 2005)
The balance sheet represents the financial picture as it stood on one particular day, December 31, 19X9, as though the wheels of the company were momentarily at a standstill. Typical Manufacturing's balance sheet not only includes the most recent year, but also the previous year. This lets you compare how the company fared in its most recent years.
The balance sheet is divided into two sides: on the left are shown assets; on the right are shown liabilities and shareholders' equity. Both sides are always in balance. ...Show more