O Level Accounting Help

[Ibrahim Hasan]

I am giving my POA Paper in 2 weeks, and I have a few queries if anyone will be so kind as to help:
1. Is there any official format for the Financial Statements? Becasuse everywhere I find a different one.... My Sir taught me to make Income Statements with 3 columns but in the MS it only has 2, does that make a difference?

2. What is a Statement of Affairs?

 

[aqsach]

I am giving my POA Paper in 2 weeks, and I have a few queries if anyone will be so kind as to help:
1. Is there any official format for the Financial Statements? Becasuse everywhere I find a different one.... My Sir taught me to make Income Statements with 3 columns but in the MS it only has 2, does that make a difference?

2. What is a Statement of Affairs?

It's better to make income statement with 3 columns this is because you might have to show a lot of sub-transactions within the accounts in an income statement and hence, there should be sufficient space to calculate it.
Hope this help