Cost Classifications on Financial Statements: Learning Objectives of this Article: Prepare a schedule of cost of goods manufactured. Prepare income statement including a schedule of cost of goods sold. Merchandising and manufacturing firms, both prepare financial statement reports for creditors, stockholders, and others to
A financial statement or financial report is a formal record of the financial activities of a business, person, or other entity.
significant information significant information is one of the important accounting conventions. It implies that accounts should be prepared in such a way that all material information is clearly disclosed to the reader. The term disclosure does not imply that all information that any one