Register now or log in to join your professional community.
<p>What is financial statement?</p> <p style="text-align:justify;">Answer: Financial statement shows a person/a company/an Organization financial possession at the end of a certain period. Income statement, retained earning statement and Balance Sheet are called the financial Statement.</p>
Financial statements are written records of a business's financial situation. They include standard reports like the balance sheet, income or profit and loss statements, and cash flow statement.These statements communicate the financial information about an entity to outside parties.
A financial statement (or financial report) is a formal record of the financial activities of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form easy to understand.
Agree with AWAIS BUTT.
Financial statement indicates a company business control at the end of a certain time.
Financial statement include Profit and Loss Account and Balance Sheet.
Profit and Loss account shows financial performance of an entity during a period (say one year).
Balance Sheet shows financial position of the entity on a particular date.
A financial statement (or financial report) is a formal record of the financial activities of a business, person, or other entity.
Income statement, Balance sheet, cash flow statement etc. are the form of financial statement.
Financial Statement is statement which exhibits the financial position of Company / Firm / Individual for a specific accounting period and normally it includes:
1) Profit and loss account.
2) Balance sheet and
3) Cash Flow statements.
All the above statements are audited by a qualified Accountant as a statutory requirement in order to have true,correct and fair picture of the financial status of Company / Firm / Individual subject to certain conditions as stated by respective country statute. Finally it id published and also termed as "ANNUAL REPORTS."
A formal record, of an indivisual / entity to make it easy to understand its financial position. Consitsts mainly on Profit and Loss Statment, Balance Sheet and Cash Flow Statment.
ccording to IAS1 " Presentation of Financial Statement" Financial Statements represents
Statement of Financial Position
Statement of Profit or Loss
Statement of Cash flow
statement of stockholders' equity
And Notes to the Accounts
Records that outline the financial activities of a business, an individual or any other entity. Financial statements are meant to present the financial information of the entity in question as clearly and concisely as possible for both the entity and for readers. Financial statements for businesses usually include: income statements, balance sheet, statements of retained earnings and cash flows, as well as other possible statements.
