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MNE3701 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 - DUE 12 September 2024 ;
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MNE3701 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 - DUE 12 September 2024 ;
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, MNE3701 Assignment 2 (COMPLETE ANSWERS)Semester 2 2024 - DUE 12 September 2024 ; 100%
TRUSTED Complete, trusted solutions and
explanations.
Having acquired sufficient knowledge and skills on financial
management for small business, you must demonstrate
practical competencies in constructing financial statements and
in conducting feasible financial forecasting. As a new
entrepreneur understanding financial management and
accounting, forms an integral part of running your small
business. You should also be able to forecast the financial
outcomes that could result from your decision. The projections
of business’s profits, its assets and financial requirements, and
its cash flows are essential in determining whether your
business is economically viable or not. In light of the above
citation you are expected to respond to the following
assessment criteria: QUESTION 1 • Demonstrate how you
would go about constructing financial statements of your small
business with reference to practical examples. (30)
To construct financial statements for your small business, you'll
typically need to create three main statements: the Income
Statement (Profit and Loss Statement), the Balance Sheet, and
the Cash Flow Statement. Here's a step-by-step guide on how to
approach each of these statements with practical examples:
1. Income Statement (Profit and Loss Statement)
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