VPRS 14900 Balance Sheets

This series consists of balance sheets created by Wonthaggi / Inverloch Water Board (VA 2558).Public sector accounting systems comprise a structured collection of records which together document the financial transactions of the public agency. From cash books and journals, sub-totals for expenditure and revenue were consolidated into subsidiary ledgers. Figures in subsidiary ledgers were used to compile totals of income and expenditure that were recorded in the general ledger. Categories of income and expenditure were then aggregated under account segments for use in financial statements.The flow of information, however, is not always this straightforward.Finance StatementsExamples include: Statement of Operations, Balance Sheet, Profit and Loss StatementFinance statements, which are usually published with an annual report, although they may be compiled at more regular intervals, provide the final summary of the agency's financial situation at a particular point in time. The types of statements and their format are generally determined by legislative requirements, and these in turn determine the nature of the accounts required to be maintained.The records document financial transactions of the agency. They contain summaries of money spent.