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f\'):..,:t?ontarioMinistry of Municipal AffairsFinancial Statement Auditor\'s Report Candidate Form 4 Municipal Elections Act, 1996 (Section 88.25)Instructions All candidates must complete Boxes A
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Gather all financial documents such as bank statements, receipts, and invoices.
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Identify the type of financial statement you need to prepare (e.g., profit and loss statement, balance sheet).
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Start with the income section; list all sources of income.
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Record all expenses in the appropriate section, categorizing them as necessary.
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Calculate the net income by subtracting total expenses from total income.
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For a balance sheet, list all assets, liabilities, and equity.
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A financial statement is a formal record that summarizes the financial activities and position of an individual or business, providing information about their financial performance and cash flows.
Individuals or businesses that meet certain criteria, such as income thresholds, types of business structures, or regulatory requirements, are required to file financial statements.
To fill out a financial statement, one needs to gather financial data, categorize income and expenses, use the appropriate forms, and ensure all information is accurate before submission.
The purpose of a financial statement is to provide a clear picture of financial health, assist in decision-making, enable reporting to stakeholders, and fulfill legal obligations.
A financial statement must report information such as assets, liabilities, equity, revenue, expenses, and cash flow.
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