Financial Statements

What are financial statements?

Financial Statements Definition: Financial statements, also known are financial reports, refer to documents that provide a summary or details of transactional activities for a business, organization, or individual. These reports are often prepared by an accounting professional and reviewed by management to determine any areas of concern.

The most common financial statements that provide details of a company’s operations include a balance sheet, income statement, cash flow statement, and a statement with any changes to the company and its operations. These financial statements offer the tools needed for a more in-depth analysis of a company’s position for investors and management. Additional notes and attachments may be included to explain certain line items on each financial statement.

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