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Sep 14, 2019 · People who work in accounting record, analyze, and maintain financial accounts and statements. They might work for the government, a large company, or a small business. Because accounting is an industry with a broad range of positions, there are many accounting-related job titles. The P&L Statement, also called the Income Statement is one of the three main financial statements, along with the Balance Sheet and the Cash Flow Statement. Broadly speaking, the P&L shows all the company’s income and expenses, but these are often divided in four main sections: revenues, cost of goods or services sold, operating expenses and ... Statutory Accounting Principles (SAP), generally speaking, weren’t designed to relate to the traditional “going concern” concepts that exist under Generally Accepted Accounting Principles (GAAP). Under SAP: Emphasis is placed on measuring and evaluating an insurer’s balance sheet (monitor financial condition as of a point in time). The balance sheet provides creditors, investors, and analysts with information on company’s resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company’s assets as well as an indication of cash flows that may come from receivables and ... What Is a Balance Sheet Used For? The Balance sheet contains the most important financial information about your business. A balance sheet helps a small business owner quickly get a handle on the financial strength and capabilities of the business. Without a balance sheet accounting is impossible. Is the business in a position to expand? Most critical numbers live on these documents. Balance Sheet: This is a cumulative document that lists your company's assets and liabilities, among other numbers, from the time you started your business. Reviewing your balance sheet gives you a quick handle on the financial strength and capabilities of your business.