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PDF Editor FAQ

What are the sections of a financial statement?

Financial statements, and their formats and sections are very dependant on the organizational, sectoral, and/or legal requirements. A basic financial statement can be as simple as income, expenditures, and profit/loss or balance. Here’s a sample of a very simple and generic company financial statement. The same principles apply for personal financial statement, only the labels change.

What is a good way to come up with a personal finance plan?

Let me first congratulate you for thinking about the Financial Planning.. How many of us really take Financial Planning seriously? Do we provide enough time and efforts to plan our investments? Or we just do random investment whenever we get money in hand or else at the end of the financial year for tax purposes we do investments in hurry?How do we plan our Investments? Most generic way is :We start investing in something just because our friend or next door neighbor has got double digit returns in a month (WHAT).Rarely do we have a systematic way or detailed plan of structuring our investments (HOW),And even rarer is our definition of an end goal (WHY).This way of investing is getting us NOWHERE as it lacks vision and direction. We need to think over it and try to find out answers of WHAT, HOW and WHY. So its very important that we follow the proper Financial plan so that we can answer all the above Questions. And here the process of Financial Planning starts.Financial Planning refers to the process of streamlining the income, expenses, assets and liabilities of the household to take care of both current and future need for funds. Financial Planning aims at ensuring that a household has adequate income or resources to meet current and future expenses and needs.Financial Planning is a life long process. It is not a one day, one month or even one year activity. You need to keep on walking on the roadmap laid down by a Financial Plan. What is Financial Plan?Financial Plan is a road map created by the financial expert for the client or the DIY investor himself/herself on which he/she intends to walk on to achieve financial freedom.What is depicted in a Financial Plan?Financial plan mainly gives us the answers of three questionsWhy to invest?- Identifying the goalsWhere to invest?- Identifying the best financial instrumentsHow much to invest? – Monthly amount required to be invested.Lets understand how can you start Financial Planning with the help of these questions:Do you know your income and expenditure pattern?: This is the first step in Financial Planning to identify all your income sources and to list down all your monthly expanses. After that analysis your income expenditure statement and see where you are spending unnecessary and how you can increase your income sources. This statement also helps you to understand given your current income and expenses are you saving enough to create the corpus required?Do you know what are your assets till today and liabilities you have? : After Income expenditure statement next step is to create net worth statement. Identify all your assets whether liquid(equity and debt both) or fixed assets. Write down the current outstanding balance of different types of loans you have. Net worth statement help you to know where do you stand in TODAY and how much % of wealth you have in each asset class. This statement helps you to know the wealth you have so far build from your savings and how can you best use it to meet your needs?Have you Identified your life goals? This is the most important activity of financial planning process. You should know the financial goals for which you want to invest. You should know the time horizon of each and every goal and corpus required after discounting Inflation.Do you have adequate insurance cover which will take care of your family’s requirements in the event of your untimely demise?: This is very important to hedge your risk before you start investing.. So get your adequate Term Insurance done in time.Do you have adequate health insurance apart from employer health policy? Have a separate family floater or a standalone policy for the family members so that in case of a job loss you and family still covers with the health insurance.Have you set aside adequate emergency fund? Emergency fund will be helpful in The events such as job loss, sudden decrease in income, sudden financial liability or temporary income stop due to temporary disability. You should set aside 6 months of your monthly expenses plus going on EMIs.Have you started investing according to your life goals? Once your life goals have been decided and you have calculated the required corpus and required monthly amount start investing regularly. Be consistent irrespective of the ups and downs of the markets.Do you do regular review of your financial review? Financial planning is a dynamic process that does not end when you take a particular action. You need to regularly assess your financial decisions. Changing personal, social, and economic factors may require more frequent assessments. When life events affect your financial needs, this financial planning process will provide a vehicle for adapting to those changes. Regularly reviewing this decision-making process will help you make priority adjustments that will bring your financial goals and activities in line with your current life situation.Financial Planning is thus a process that enables better management of the personal financial situation of a household. It works primarily through the identification of key goals and putting in place an action plan to realign the finances to meet those goals. It is a holistic approach that considers the existing financial positions, evaluates the future needs, puts a process to fund the needs and reviews the process.

When talking to an accounting student/accountant, do we say 'draw the account/financial statements' or 'do the account or financial statements'? I'm confused between 'draw' and 'do'.

“Draw” makes a slightly old fashioned reference to the bookkeeping practice of drawing down balances in a hand written ledger in pen and ink, “Do” is a very generic verb that can apply to lots of different kinds of actions. Personally I would say ‘Prepare the Accounts..” or “Draft the Financial Statements…”

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