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School Jurisdiction Code 11 755)099 AUDITED HNANCALSTATEMENTS and Supporting Schedules FOR THE YEAR ENDED AUGUST 31, 2006, School Act, Sections 147(2)(a), 148, 151(1) and 2761 ALBERTA DISTANCE LEARNING

How to fill out 2005-2006 audited financial statement

How to fill out 2005-2006 audited financial statement:

1. Start by gathering all the necessary financial documents for the specific time period of 2005-2006. This includes income statements, balance sheets, cash flow statements, and any other relevant financial records.
2. Carefully review and analyze these financial documents to ensure their accuracy and completeness. Look for any discrepancies or errors that need to be corrected.
3. Follow the prescribed format for the audited financial statement. This typically includes sections such as the Balance Sheet, Income Statement, Cash Flow Statement, Notes to the Financial Statements, and Management's Discussion and Analysis.
4. Begin with the Balance Sheet, which provides a snapshot of the company's assets, liabilities, and shareholders' equity. Ensure that all accounts are properly classified and that the balance sheet balances.
5. Move on to the Income Statement, which summarizes the company's revenues, expenses, gains, and losses for the specified period. Double-check that all revenue and expense items are accurately recorded.
6. Proceed to the Cash Flow Statement, which outlines the company's cash inflows and outflows during the given time period. Verify that all cash transactions are properly classified and presented.
7. Include additional necessary disclosures and footnotes in the Notes to the Financial Statements section. These disclosures provide additional information and explanations about the company's financial activities.
8. Finally, provide a thorough Management's Discussion and Analysis section that offers insights into the company's financial performance, significant events, and future prospects.

Who needs 2005-2006 audited financial statement:

1. Companies: Businesses that were operating during the 2005-2006 time period are required to prepare audited financial statements for that period. This is essential for providing accurate financial information to shareholders, investors, and regulatory bodies.
2. Investors: Individuals or institutions that are considering investing in a company may require audited financial statements from previous years to analyze the company's historical financial performance and make informed investment decisions.
3. Regulatory Authorities: Government agencies or regulatory bodies may request audited financial statements for compliance and regulatory purposes. These include tax authorities, securities commissions, and banking regulators.
4. Banks and Lenders: Financial institutions often require audited financial statements when assessing the creditworthiness of a company or determining loan terms. The audited financial statements can provide insights into the company's financial stability and ability to meet its obligations.
5. Stakeholders: Various stakeholders, such as suppliers, customers, and business partners, may also request audited financial statements to evaluate the financial health and reliability of the company they are associated with.

Overall, the 2005-2006 audited financial statements are significant for both internal and external parties, as they provide a comprehensive view of a company's financial performance, position, and solvency during that specific time period.

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What is audited financial statement?

An audited financial statement is a report of the financial activities and position of a company that has been analyzed and verified by an independent auditor.

Who is required to file audited financial statement?

Publicly traded companies, large corporations, and some non-profit organizations are typically required to file audited financial statements.

How to fill out audited financial statement?

To fill out an audited financial statement, a company must provide detailed financial information, work with an independent auditor to verify the data, and follow established accounting standards.

What is the purpose of audited financial statement?

The purpose of an audited financial statement is to provide stakeholders with a reliable and accurate snapshot of a company's financial health and performance.

What information must be reported on audited financial statement?

An audited financial statement typically includes the company's balance sheet, income statement, cash flow statement, and notes to the financial statements.

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