BUSINESS ADMINISTRATION
BANKING AND INSURANCE
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Detailed explanation-1: -In both cases, Revenue Account and Balance Sheet are given in summary form. There are 15 Schedules in each case, the first four schedules relate to Revenue Account and the remaining eleven schedules relate to Balance Sheet which give details of the summary heads.
Detailed explanation-2: -For-profit businesses use four primary types of financial statement: the balance sheet, the income statement, the statement of cash flow, and the statement of retained earnings.
Detailed explanation-3: -A revenue schedule represents how revenue amounts from a single charge are distributed over time and recognized in accounting periods. Revenue schedules maintain consistency with the currency used.
Detailed explanation-4: -Part I to the Third Schedule of Insurance Act gives Regulations and Forms for preparation of Revenue Account.