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Financial Statement
A financial statement (or financial report) is a formal record of the financial activities of a business concern, person, or other entity.
Financial statements include the following
- Income Statements
- Statements of financial position
- Statement of cash flows
1. Income Statements: It is also known as a profit and loss statement (or a “P&L”), reports on a company’s income, expenses and profits over a period of time. A P&L statement provides information on the operation of the enterprise.
2. Statements of financial position: It is known as Balance Sheet, which reflect the true position of the company affairs.
3. Statement of Cash Flows: Reports on a company’s cash flow activities, particularly from operating, investing and financing activities.
