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CHALICE GOLD MINES LIMITED ANNUAL INFORMATION FORM September 30, 2014, GLOSSARY ..................................................................................................................................................................2

How to fill out financial information and accounting

How to fill out financial information and accounting:

1. Gather all relevant financial documents such as bank statements, invoices, receipts, and payroll records.
2. Organize these documents in an orderly fashion, such as by date or by type of expense.
3. Start by recording all income sources, including salaries, sales revenue, and interest earned. Include the date and amount of each income transaction.
4. Move on to documenting expenses. Categorize expenses into different accounts, such as rent, utilities, payroll, and office supplies. Again, record the date and amount for each expense.
5. Calculate the net income or loss by subtracting total expenses from total income.
6. Prepare financial reports, such as balance sheets, income statements, and cash flow statements, based on the recorded financial information. These reports provide a snapshot of the company's financial health.
7. Double-check all calculations for accuracy, ensuring that every transaction has been accounted for and properly categorized.
8. Store all financial information and accounting records in a secure and organized manner for future reference and auditing purposes.

Who needs financial information and accounting?

1. Businesses: Small, medium, and large businesses require financial information and accounting to track their income, expenses, and overall financial performance. It helps them make informed business decisions, attract investors, and ensure tax compliance.
2. Individuals: Individuals also benefit from financial information and accounting, especially when it comes to managing personal finances, budgeting, and tax planning. It allows them to assess their financial situation, identify opportunities for savings, and make better financial decisions.
3. Non-profit organizations: Non-profit organizations typically rely heavily on accurate financial information and accounting to demonstrate transparency and accountability to their stakeholders. It helps them monitor funds allocated to various projects, manage grants, and comply with legal and regulatory requirements.
4. Government entities: Governments at various levels need financial information and accounting to manage public funds, allocate budgets, and plan for future expenditures. It enables them to provide public services efficiently and transparently.
5. Investors and lenders: Investors and lenders depend on financial information and accounting to assess the financial health and viability of businesses or individuals they consider investing in or lending money to. It helps them evaluate the risk and potential return on investment.
6. Tax authorities: Tax authorities rely on accurate financial information and accounting to assess and collect taxes from businesses and individuals. It ensures compliance with tax laws and helps prevent tax evasion.
7. Auditors and consultants: Auditors and consultants use financial information and accounting to conduct audits, provide financial advice, and help clients improve their financial management practices. They ensure accuracy, identify potential risks, and offer recommendations for improvement.

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