1) Balance Sheet – this is a statement that shows your company’s assets & debts at a glance. it is only valid as of that day (usually the end of the financial year)

2) Profit & Loss Account – this is where it shows how much your sales for the period (usually for 12 mths – to be more precise look at the report title). This is also where we know if you are making a loss or profits

3) Financial Year end – a date where you decide to close your accounts. For sole prop / partnership, it is always set at 31 Dec of every year (to align with income tax submission). For Sdn Bhd it is usually 12mths from the incorporation date.