ACCOUNTING FINANCIAL STATEMENT
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Accounting Financial statements are formal records of the financial activities of a business, person, or other entity. Accounting Financial statements are often referred to as accounts, although the term financial statements is also used, particularly by accountants
Accounting Financial statements provide an overview of a business or person’s financial condition in both short and long term. All the relevant financial information of a business enterprise, presented in a structured manner and in a form easy to understand, are called the financial statements or Accounting Financial statements . There are four basic financial statements (Accounting Financial statements )
Balance sheet: also referred to as statement of financial position or condition, reports on a company’s assets, liabilities, and Ownership equity at a given point in time.
Income statement: also referred to as Profit and Loss statement (or a “P&L”), reports on a company’s income, expenses, and profits over a period of time. Profit & Loss account provide information on the operation of the enterprise. These include sale and the various expenses incurred during the processing state.
Statement of retained earnings: explains the changes in a company’s retained earnings over the reporting period.
Statement of cash flows: reports on a company’s cash flow activities, particularly its operating, investing and financing activities.
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