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HORIZON 2020

Vestnik


ԲԲ ̲ ˲

UDC 657.1:005.53

THE IMPORTANCE OF FINANCIAL STATEMENT
RESULTS FOR BUSINESS MANAGEMENT SOLUTIONS


Sidlauskiene Danguole
Marijampole college (Marijampole, Lithuania)
E-mail: danguole.sidlauskiene@mkolegija.lt, ORCID: 000-0002-9154-2934
Birute Petrosiene
Marijampole college (Marijampole, Lithuania)
E-mail: birute.petrosiene@mkolegija.lt, ORCID: 0000-0002-5160-8249
Gabreviciene Ausra
Marijampole college (Marijampole, Lithuania)
E-mail: ausra.gabreviciene@mkolegija.lt, ORCID: 0000-0001-7685-1440

Abstract. Information is a very important factor in various fields of activity of the contemporary people.
In any economic activities as well as in the activities of the economic entity the information is used for
decision-making. The information may be economic, legal, scientific and otherwise, but in order to manage
economic processes the most important is economic information. The greatest part of this information is
provided by accounting both financial and management.
In every company as in a separate accounting unit, a lot of economic transactions and events occur over
the year, constantly recording the movement of money, the amount of revenue and costs. Periodically, in the
activities of enterprises, institutions or organizations it is necessary to summarise all the available economic
information and calculate performance results, to show the remains of assets, equity and liabilities.
Financial statements of the company in the market economy conditions is the main source of information
about the assets, liabilities, capital, profits and cash flows.
Accumulated and grouped financial information of companies, institutions, or organizations in the form
of financial statements periodically, but not less often than at the end of the financial year, is is presented to
all users who are interested in it, since the annual financial accounts must be provided by all companies,
enterprises or organisations with legal status. Many Lithuanian authors, dealing with financial statements,
note that the current forms used for financial statements do not provide sufficient information to meet the
users needs in constant competitive conditions and, therefore, there are a lot of discussions how these
statements could be improved.
When analysing financial accountability, problematic aspects of assessment of financial statements
elements are faced. Both Lithuanian and foreign authors pay little attention to the assessment analysis of
financial statement elements, because for businesses both in Lithuania and abroad it is rather complicated to
assess properly the elements of the financial statements by assessment methods available in the literature in
such a way that they would reflect the state of the company truly and correctly.
This time, however, the figures in the financial statements is one of the most important sources of
information for economic state assessment of companies, enterprises or organisations and for business
management solutions. Accounting professionals and other users, when analysing the financial statements,
may form opinions and draw conclusions about the profitability of the core business of the analysed entity,
the ability to cover its short-term and long-term liabilities, as well as about long-term and short-term assets,
product manufacturing and sales situation and changes during the reporting period, and relying on these
data decide on the reliability of the company, development and investment opportunities.
Key words: financial accountability of the company, balance sheet, profit (loss) statement, cash flow
statement, statement of change in equity, reporting period, explanatory note, accounting policy.

THE IMPORTANCE OF FINANCIAL STATEMENT RESULTS FOR BUSINESS
MANAGEMENT SOLUTIONS




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