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WHAT IS FINACIAL STATEMENT?

Financial Statement - Class 12 Account

Financial statements are written records that convey the business activities and the financial performance of a company. Financial statements are often audited by government agencies, accountants, firms, etc. to ensure accuracy and for tax, financing, or investing purposes. A Financial statement includes:

  • Balance sheet – It is a report of a company’s financial worth in terms of book value.
  • Income statement – This breaks down the revenue a company earned against the expenses involved in its business to provide net income profit or loss.
  • Cash flow statement – it is used to analyze the value of a company.

Investors and financial analysts rely on financial data to analyze the performance of a company and make predictions about its future direction of the company’s stock price.
The Balance Sheet provides an overview of a company’s assets, liabilities, and owner’s or stockholders’ equity on a given date. The date at the top of the balance sheet tells you when the snapshot was taken, which is generally the end of the fiscal year.

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